tag:blogger.com,1999:blog-2761684730989137546.post7469195503914235972..comments2024-03-28T20:28:01.733-04:00Comments on Mike Norman Economics: Is the Fed "Independent"?mike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-2761684730989137546.post-12847217528555943542011-12-01T18:38:36.042-05:002011-12-01T18:38:36.042-05:00"Don't you trust democracy? "
The U..."Don't you trust democracy? "<br /><br />The US is a republic not a democracy because the 1% that wrote that there constertution thoughts we was too dumbs to be a votin' direct.Ryan Harrishttps://www.blogger.com/profile/04815033054435303399noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-41187304466930411672011-12-01T17:02:52.451-05:002011-12-01T17:02:52.451-05:00Exactly. This is why Bernanke says "it would...Exactly. This is why Bernanke says "it would be nice if we got help from other parts of the Government..." This is something MMTers should be pushing. The mainstream line is that the Fed is somehow a private bank; members & former members of Congress believe it (witness Grayson comments the other day). And the public believes it too. <br /><br />But disagree with Matt's comment above: the "money supply" does matter if considering private debt in addition to G-debt. That's a different matter though from what was being discussed.davehttps://www.blogger.com/profile/16550273573343853028noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-6113222709344499612011-12-01T16:28:20.416-05:002011-12-01T16:28:20.416-05:00> "By the way, do we really want the Congr...> "By the way, do we really want the Congress regulating or manipulating the money supply?"<br /><br />Better to use <i>automatic</i> regulation (rather than discretionary) perhaps.<br /><br />(Read: Job Guarantee and other automatic stabilizers.)Hugo Hedennoreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-45352296778112017922011-12-01T15:37:37.901-05:002011-12-01T15:37:37.901-05:00Right Tom,
It is actually threatening "capit...Right Tom,<br /><br />It is actually threatening "capitalism" per your other thread... they themselves are their own worst enemies at this point.<br /><br />btw I heard on the FM drive today that Jackson Browne was going to play today at 1:00 PM at OWS Liberty Park in NYC.... more music/art... this is good.<br /><br />Keep on Rockin' in the "Free" World!<br /><br />Resp,Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-16884779251701299012011-12-01T15:08:25.513-05:002011-12-01T15:08:25.513-05:00"By the way, do we really want the Congress r..."By the way, do we really want the Congress regulating or manipulating the money supply?"<br /><br />Don't you trust democracy? <br /><br />Right now, a small cohort with ties to the financial sector, who are unelected and unaccountable to the people, are in charge of a command system setting US monetary policy. How does that square with either capitalism or democracy?Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-28863403228589927582011-12-01T14:15:45.495-05:002011-12-01T14:15:45.495-05:00boss,
The "money supply" doesn't ma...boss,<br /><br />The "money supply" doesn't matter. They can manipulate it all they want, it doesnt do anything except modify the term structure of previously issued govt liabilities.<br /><br />Fiscal Policy is what can make a difference.<br /><br />Resp,Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-83986680334216916612011-12-01T13:59:55.892-05:002011-12-01T13:59:55.892-05:00About as independent as the Post Office.
By the ...About as independent as the Post Office. <br /><br />By the way, do we really want the Congress regulating or manipulating the money supply?bosscauserhttps://www.blogger.com/profile/02270577642295797014noreply@blogger.com