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even then, it's true super power status was achieved after ww2 when we did have the Fed. not a nitpick, it is a central part of his false premise.
by thesimpsons1022 10y ago
even then, it's true super power status was achieved after ww2 when we did have the Fed. not a nitpick, it is a central part of his false premise.
- cinquemb 10y agoHow much of such super power status was derived from Fed itself vs a system that was able to distribute and allocate resources more efficiency than the time before? One could argue that the Fed (and other central banking institutions), compared to times before was that more efficient system, but idealistically, efficient systems are not bounded by the present situation, just temporarily constrained by such. And as people like Bill Gross (who cofounded PIMPCO) are starting to publicly state in some form another, is loosing its effectiveness when it comes to managing resource allocation beyond the state we are at. There are a whole host of human endeavors that are not undertaken (think infrastructure investments) because its more profitable in the short term for large institutions to use their near zero interest credit lines on financial markets, but in the long term are blinded to opportunities that can only come from more efficiency in sectors like energy/mining/transportation.
- thesimpsons1022 10y agoi never made that claim. not sure why all of a sudden you're changing the subject. I was simply responding to the claim of " The US had no monetary policy for the first 100 years of its existence, going from subsistence farming to superpower. "
- cinquemb 10y ago>not sure why all of a sudden you're changing the subject. Well trying to connect this and bring it back to the topic of the original article…
- deleted 10y ago[deleted]
- justinlardinois 10y agoThe Federal Reserve was established in 1913, long before World War II.