QWAK,This post from another board says it ALL!!
�Hold still, Little Fish! All we intend to do is gut you.�
MACOLM BRYAN - FED RESERVE ATLANTA (1958)
In 1958 Macolm Bryan, head of the Federal Reserve Bank of Atlanta, made this protest against even a little inflation and to the proponents of a gently rising price level: �The integrity of our conduct is crucial. Even if we ignore past savers in money forms, which would be a great scandal, we at least have a responsibility, binding in conscience, to present and future savers in money forms. If a policy of active or permissive inflation is to be a fact, then we can rescue the shreds of our self-respect only by announcing the policy. That is the least of the canons of decency that should prevail. We should have the decency to say to the money saver, �Hold still, Little Fish! All we intend to do is gut you.��
Fast Forward 44 years!
BEN BERNANKE - FED RESERVE BOSTON (2002)
Compare that to a quote from a speech given by former Boston Fed Governor Bernanke in November of 2002: "...U.S. dollars have value only to the extent that they are strictly limited in supply. But the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services. We conclude that, under a paper-money system, a determined government can always generate higher spending and hence positive inflation.�
The difference in policy is staggering, but what I really want to point out is that Mr. Bernanke is at least doing what Mr. Bryan hoped, telling the Little Fish they will be gutted.
The Federal Reserve does not want people to save money and they warned them not to. The Fed is slowly �training� the populace to believe that real estate and equity investing is the �savings� of the future. But saving is different from investing in that investing has price risk.
So the Fed has made it clear that saving �money� has risk too, the risk of a declining dollar. The only way to protect a decline in the dollar is to not save money, but invest it in assets that increase in nominal price at the rate of at least the decline in the dollar.
The did it slowly so it was hardly noticed BUT we have ALL been SLOWLY ROBED!
Duck, I thought the topic was Butler's conclusions. Since his case is drowning due to suspect data from regimes that are built to deceive (China and Russia) and oppress, no one should give him the time of day. His argument is supported by disinformation.
QWAK,canucanoe,OUR government has been LIEING to us for YEARS and YOU eat it up like FREE CANDY! Do YOU actualy BELIEVE that INFLATION is LOW? If you DO you realy ARE a FOOL!
Food,ENERGY,Medical, Government FEES and FINES are UP BIG TIME yet they tell us inflation is LOW!
Yesterday I renewed my drivers licence 4 years ago it was $14.00 yesterday it cost me $20.00! YOU do the MATH!! But for me it comes out just under 45%,now multiply THAT by all the people who must pay to RENEW!
YOU are in DENIAL because REAL INFLATION is EVERY WARE all around us and is NOT LOW!!!
Duck, I have no problem in saying that a democracy will issue more truth than an authoritarian regime. Do you have a problem with this thought? Butler is wrong because he places trust in data from China and Russia. A fool would only follow Butler knowing that his data is sourced improperly and therefore his math may be right but his conclusions wrong.
QWAK,canucanoe,WRONG!!! :) The TRUTH HURTS when you find out that the GOVERNMENT and the MONEY and almost every thing you grew up believing in was a LIE! SAD but TRUE and YOU are no alone we have ALL been DECIEVED GREATLY!
Ted Butler is an oaf. China and Russia, 2 authoritarian regimes who are key players, can't be counted on for unbiased numbers. Therefore, Butler can do all the math he wants - but he's wrong. That's the difference between a mathematician and an analyst.