On June 25th the Reason Foundation presented a conversation with former budget director David Stockman about his recently published New York Times bestseller…
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David Stockman on Wall Street, The Federal Reserve, and The Great Deformation
I was a fan of David Stockman before Reagan was elected, and after reading The Great Deformation my respect for him has only increased. I would vote for him for president in a heartbeat.
nailed it!
And now The Fed is the lender of first resort for mega banks to ensure their profitability and executive bonuses while keeping interest rates artificially low, which creates inflation and an artificially stimulated economy that CAUSES bubbles and other instabilities.
The Fed is also the lender of first resort for the US federal government, which enables the government to grow through wars and vote buying give away programs that would otherwise be unaffordable if we paid our bills.
It's primary function was to be a lender of last resort for the banks to get short term capital and to prevent bank runs and panics like had happened twice in the previous 20 years
thank you. *maybe* on paper but thats only because he looted ss and republicans rejected most of his social programs.
Communism enslaves people politically. Keynesian economics enslaves people monetarily. Liberalism enslaves people socially.
When you "create" money, it devalues the dollar. When you "sell" Treasury Bonds it removes money from the system, hence, re-values the dollar. What happens when no one wants to buy bonds? Inflation. What happens when the Fed buys Bonds from the US Treasury? Ultimately, Hyperinflation.
If thats a serious questions you wont like the answer lol. We say "print" in a joking sense, they dont actually need to print it in most cases its a digital transfer in a ledger.
Costs em absolutely nothing to make it but you trade your labor and productive capacity for it – its a great racket…
didn't this guy increase the federal debt?
Friedman was in my opinion one of our last hopes.
Clinton did not balance the budget.
Sumner isn't a monetarist, though he is from Chicago. I don't think anyone calls themselves monetarist anymore. There are still lots of Friedmanites like myself though.
This guy bashes monetarist but I doubt he has actually read any of Friedmans academic work, or for that matter Williamson, Wright, or Sumner. He seems as if he got his knowledge from blog post at the MI. Reason should hold a debate between Williamson and Sumner, alot more interesting.
EVERYONE should hear this man!
The Fed started with no intention to monitor GDP or unemployment? (13:00) I thought the two founding justifications for The Fed were to ensure a stable economy and ensure full employment?
Excellent!!
Another sign of the times, and a strong indication of what's wrong with our nation. Someone like David Stockman would never be in any position to make policy or offer economic advice in our federal government today.
Coup d'état on all US communications
This came out last week, did you hear about it anywhere on MSM?
They wait for a holiday like New Years or Christmas, this time it's the July 4th weekend (ironic)
youtube: Obama Seizes All US Communication Systems
Also:
Obama Seizes Control of All Communications Systems With Executive Order
By Susanne Posel
Global Research, July 09, 2012
I believe there's some hope if we can elect more liberty-minded candidates to all offices state, local, federal.
I agree with what you say ty for your comment but what they do with the money was not my question when it is printed why is there a debt created isn't that like a double tax to the people maybe I see this wrong i am just trying to understand
Most dollars aren't "printed" but created electronically, so it is not like there is a direct cost to be compared. The problem is, what it does to the prices of everything else when money is manipulated. So your answer is, the cost is the massively inflated costs of education, health care, education, energy…
Wow, Great lecture, but it scared the he** out of me. He actually said that there is no hope and that eventually everything will collapse in a peasant revolt. OMG!!!
conspiracy incoming..
Rothbard couldn't be more wrong on anarchy though.
He still had so much stuff he wanted to put to paper and so many more things to do for liberty. Because of his tragic early passing we didn't get the rest of his history of America, the third part of his history of economic thought and all the rest he was I'm sure planning on doing. :'(
Milton Friedman was advocating to have less of these bills to pay to start with. Not sure why he is a villain. Milton Friedman was advocating small gvt. how Stockman jumped to conclusion that it would mean big gvt, is beyond me
I only know the name David Stockman from the Bloom County cartoon.
Milo – "He's a twelve-foot python I've named David Stockman. Eats rabbits."
Teacher – "BUNNIES? "
"Yes. I've named them after various social programs, I'm afraid it was little C.E.T.A.'s turn yesterday.
That's horrible!!
Well, that's the point."
Wish Rothbard was still alive. He would educate everyone on the true nature of the FED and the lack of free markets in our modern times.