Thursday, February 6, 2014

Yearly Democracy Vitamin Supplements: Review 1 Marriner Eccles, and Call [One Another] After Cogitating

   (Commentary posted by Roger Erickson)

"VitaFiat" - there's no lethal dose, so even more can't hurt. (Cures mental constipation too.)

Truly astounding reading.
"In 38 pages of testimony, he shocked the senators [of 1933] by not only precisely listing the failures of the economy, but laying out a five-point plan for fixing it."
[You have to wonder. If there were a 2nd Coming, of Marriner Eccles, would US Senators of today not only decline to invite him to testify, they'd impeach and lynch him? Sadly, I'd have to guess yes. Maybe next year WE will be smart enough to select some more learned and intelligent Congresspeople, in BOTH houses? America, Uncle Sam needs YOU ... to select smarter, less sociopathic Congresspeople.]

ps: Eccles was a product of his times, and of course not infallible per all future challenges. He started out thinking in - at least flexible - gold std perspectives, yet nevertheless guided the USA into a currency regime where "money" is backed NOT by static assets limiting policy agility, but instead where a "fiat" currency is instead backed by the underlying dynamic asset of Public Initiative, which, by definition, can always be as agile as policy demands.

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