Re: Who or what keeps central banks “honest”

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  • Wed, Oct 07, 2009 - 09:06pm

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    Peak Prosperity Admin

    Peak Prosperity Admin

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    Re: Who or what keeps central banks “honest”

 So can I interpret that to mean that you don’t want to interfere but will?

NO!

How do you plan or want to interfere?

I only ask that they not interfere with me.  I believe in Liberty which means they are free to do whatever they want but their rights end where mine begin.  The current legal/financial system allows them to take from me without my permission.

Tell the Fed how to operate? How much/little money to print? That’s called management.

NO! NO! NO!

As I pointed out, the charge against the Fed is mismanagement.

Not from me.  It is that they have powers that no one should have in a free society.

The proposed cures I’ve heard are ideas about  perspectives on proper Fed managment. But my overall point is that the current mass printing of FRNs might be a sound management considering the potential economic bomb  China, the Middle East and Japan have accumulated. Inflate the currency to difuse the bombs.

Sound management for whom?  I doubt my mother living off a fixed income pension would consider inflation sound management.

I do think I understand ( and may somewhat agree with ) one of your points.  Basically you are saying that these America’s debtors should have realized that we were never going to pay back our debts so you are advocating a soft default through inflation.  The problem is that the middle and lower classes ( anyone far away from the printing press ) will get royally screwed by this strategy.

I also don’t believe that anyone should have that power, much less a group of unelected bankers.

 You seem to be implying world wide colusion between Japanese, American, Russian, Chines, European etc. central banks. That seems quite far fetched to me. Yes they are greedy, yes they want to run the world, but their greed keeps them competing with each other too.  And that is why I started with the remark about “honor among thieves”.The central banks are thieves but right now it looks like one central bank (the US Fed) is about to rip off a bunch of other centralbanks. Do we really want “the people” stepping in the middle of that fray? Or do we let the central banks thash each other to death like in a gang war?  I don’t think the answer is for “we the people” to become like them and start their own fiat money system and convince the rest of the world to use IT as a new reserve currency.  The fundamental problem is that central banks around the world fell into the trap of using unbacked securities from a private bank (the Fed). They should have known better. What more can I say?

I am not claiming some sort of conspiracy.  I believe that when push comes to shove they will stick together because an unraveling of one of the major players could threaten the sweet deal that they all currently have.