Tuesday, October 23, 2012

Cato Shrugged and Its "Leading U.S. and Global Experts"

Cato Shrugged will soon have its 30th Annual Monetary Conference, where Cato tells us they will have as speakers "leading U.S. and global experts." Who are these experts that will speak? They include:

Thomas Hoenig, Vice Chairman, Federal Deposit Insurance Corporation--Uh, don't tell Cato, but the FDIC is the greatest creator of moral hazard in the world. Without the FDIC, the banksters wouldn't be able to get away with half the things they pull off.

Also speaking will be Charles Plosser, President, Federal Reserve Bank of Philadelphia. At least he gets the dangers of the overhanging excess reserves but the guy is a total Keynesian. From a recent Plosser speech:
....without robust consumer spending, the economy will be sluggish... it is only natural, and rational, for consumers to want to rebuild savings. Consequently, private savings rates have risen substantially and consumption by households has been restrained...This desire to save for the future rather than spend today is a drag on near-term growth... I believe consumers are unlikely to provide a very robust boost to current demand until the health of their balance sheets has significantly improved.
Should be a helluva a conference with bankster operatives telling the assembled how to centrally plan the economy. 

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