Obama, Geitner, John Maynard Keynes and the printing of money.
I am rereading Milton Friedman's "Money Mischief." In Chapter 8, "The Cause and Cure of Inflation" Friedman starts with a quote from the monetarist, John Maynard Keynes. The quote is: "There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose." If this is not the process used by Jimmy Carter, and, by this Obama administration, I am at a loss to better describe their actions. , KAT
I am rereading Milton Friedman's "Money Mischief." In Chapter 8, "The Cause and Cure of Inflation" Friedman starts with a quote from the monetarist, John Maynard Keynes. The quote is: "There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose." If this is not the process used by Jimmy Carter, and, by this Obama administration, I am at a loss to better describe their actions. , KAT
Yeah, well. Ummm.. You do know that you are totally mucking up history by conflating Carter/Obama with increasing the money supply.
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Never think that war, no matter how necessary, nor how justified, is not a crime.
I am rereading Milton Friedman's "Money Mischief." In Chapter 8, "The Cause and Cure of Inflation" Friedman starts with a quote from the monetarist, John Maynard Keynes. The quote is: "There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose." If this is not the process used by Jimmy Carter, and, by this Obama administration, I am at a loss to better describe their actions. , KAT
Why are you omitting consideration of the massive 'debauchery' via credit expansion which occurred during every administration between those two Presidents?
1. Keynes was not a monetarist - he was, well...a Keynesian
2. Keynes was paraphrasing Marx as a precautionary reminder against over-reliance on Monetary solutions.
The OP was pretty confusing and mixed up. I can't tell if he meant this to be an indictment against Keynes or Friedman. He quoted Keynes but referred to Keynes as a monetarist but then criticized what appears to be monetary policy. Well at least the idea of targeting inflation with monetary policy. Then uses Carter/Obama as an example, despite Volcker being appointed by Carter, who targeted inflation with monetarist policies.
I am genuinely confused.
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Never think that war, no matter how necessary, nor how justified, is not a crime.
"There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose." If this is not the process used by Jimmy Carter, and, by this Obama administration, I am at a loss to better describe their actions. , KAT
It was also the process used by the administrations of Wilson, Harding, Coolidge, Hoover, FDR (especially so), Truman, Eisenhower (he regretted it later), JFK (but he tried to change it and took a bullet in the head for trying), LBJ, Nixon (later thought it was a bad idea and was punished for thinking so), Reagan (charismatic enough to be praised for it), George H.W. Bush, Clinton, and Dubya.
Carter and Obama aren't the only ones.
One would be at a loss to better describe the actions of any of these gentlemen.
A complimentary quote - and perhaps the most revealing made by Keyes...
“For at least another hundred years, we must pretend to ourselves and to everyone, that fair is foul and foul is fair; for foul is useful and fair is not. Avarice and usury and precaution must be our gods for a little longer still.”
Being nearly a hundred years since Keyes made this statement, "avarice and usury and precaution" have nearly run their course - and served their purpose.
Clearly we are transitioning into a new era and new gods of globalism.
Obama, Geitner, John Maynard Keynes and the printing of money.
, KAT
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