On May 26, 8:37*am, "Fred B. Brown" wrote:
"?baMa? Tse Dung" wrote in ...
In a recent article at the Huffington Post, Lynn Parramore assembled a
team of economists to refute nine "myths" about the deficit. On the
one hand, it was refreshing to see these economists discuss with such
candor the fact that our financial system is backed up by nothing but
green pieces of paper. On the other hand, it was shocking to see these
economists laud the fact.
Read mo HuffPo Abolishes Scarcity - Robert P. Murphy - Mises Daily
http://mises.org/daily/4349
Arianna Stasinopoulos Huffington is a 'real' financial expert. She's
a Greek Socialist emigrant, considering that the Greek economy
is collapsing I take what she has to say with a grain of salt.
At least consider the underlying theme--that government has a duty to
provide sufficient money to sustain the economy, and that government
is the source of money. When an economy has the potential for
expansion, the government should make additional money available. The
government should curtail spending and reduce the money supply only
when the economy is at maximum production and more money simply leads
to inflation.
The Republicans have it all backwards. The Bush administration not
only spent money like drunken bank robbers, they also spent the money
of useless wars and overseas adventures. They not only opened the
money vaults to big business, they also shoveled the money to
nonproductive investment banks, hedge funds, and international
gamblers.
The Republicans kept a loose money policy even while America's
production facilites were being transferred overseas and America'
manufacturing base was shrinking. The result was the collapse of the
United States monetary system and the economy.
And now that crippled US economy is rebounding and more money is
needed to fund the expanding activity, the Republicans oppose
government spending and expanding the money supply, the exact opposite
of what is needed right now. The spendthrift Republicans who allowed
international money changers to scoop up and gamble away most of the
available cash have now become thrifty nannies who think the way to
prosperity is for government to sit back and allow the international
bankers to control the rate of America's recovery.