Washington’s Planned Theft of Credit Card Benefits
Congressional Democrats are trying to intervene in a complex and varied market they know little about but that consumers navigate without need of help. This will not end well.
Congressional Democrats are trying to intervene in a complex and varied market they know little about but that consumers navigate without need of help. This will not end well.
No, Paul Krugman, the economy is not strong. The Fed and its supporters are in the "move along, there's nothing to see" mode when it comes to our troubled banking system.
Congresswomen Rashida Tlaib and Alexandria Ocasio-Cortez have introduced legislation to create government-owned banks, ostensibly to “increase accountability.” In truth, the banks would exist to fund progressive causes.
Money is far too important to be left in the hands of bankers and of Establishment economists and financiers. To accomplish this goal, money must be returned to the market economy, with all monetary functions performed within the structure of the rights of private property and the market.
Under free competition, and without government support and enforcement, there will only be limited scope for fractional-reserve banking. Banks could form cartels to prop each other up, but generally cartels on the market don’t work well.
The natural tendency of government, once in charge of money, is to inflate and to destroy the value of the currency. To understand this truth, we must examine the nature of government and of the creation of money.
For a long time, banks have sought to keep construction loans “on the books” to collect more interest payments. With a recession looming, these long loans are likely to become delinquent.
Economist Antony C. Sutton understood one of the most fundamental economic truths: gold is money. Thorsten Polleit reviews Sutton’s classic book, The War on Gold.
By ignoring monetary aggregates, central banks may cut rates with no real effect on the productive economy and solve nothing. There may be a significant contraction in economic activity even if rates decline, as credit availability worsens even with declining rates, but markets keep inflating the financial bubble.
Economist Antony C. Sutton understood one of the most fundamental economic truths: gold is money. Thorsten Polleit reviews Sutton’s classic book, The War on Gold.