J. Bradford DeLong writes:
...nearly all governments today follow the US in setting monetary policy, diverging from it only tentatively and cautiously.Hey...can you imagine if the commies had won the "cold war"? What a horrendous world we would be living in right now. The commies would have been a global hegemon, foolishly trying to "manage the world economy in its entirety."
So the US is not just one economy in a world of economies following their own monetary policies under a flexible exchange-rate regime. The US is, rather, a global hegemon: the central bank for the world, with a responsibility not just to stabilize output, employment, and inflation and ensure financial stability in the US, but also to manage the world economy in its entirety.
Fortunately...the "land of the free" won instead....Phew!
Everyone knows that the central planning Federal Reserve can surely "manage the world economy in its entirety" much better than a bunch of comrades! DeLong didn't mention this, but not only is The Fed the world's central bank, the U.S. government is also the world's government.
Don't believe me? Read The Ron Paul Institute for awhile...You'll see who calls the shots in just about every corner of the globe. Those who are concerned that, someday there might be a world government, are missing what is right in front of their noses today!
World government and world central planning is with us, right here, right now.
Fascism proved to be more palatable to the world's "elites" in leau of Communism.
And now Fascism is teetering big time.
Let's do our best to make sure that Liberty is on deck.
Chris Rossini is author of Set Money Free: What Every American Needs To Know About The Federal Reserve. Follow @chrisrossini on Twitter.
Chris Rossini writes fascism is teetering big time.
ReplyDeleteSome such as Mr. Rossini, desire that money be set free.
As long as there is ANY debt based money system that will never be the case.
All of today's debts, every single one of them will be applied to all the worlds' people; yes piled onto every man woman and child on planet earth as the Creature from Jekyll Island morphs to become the Beast Regime of regional economic governance and totalitarian collectivism.
With the July 1, 2014, trade lower in Aggregate Credit, AGG, specifically the 30 Year US Government Bonds, EDV, and the 10 Year US Government Notes, TLT, and Junk Bonds, JNK, coming as the Bond Vigilantes calling the Interest Rate on the US Ten Year Note, ^TNX, higher from 2.49%, the US Fed be dead.
The call of the Benchmark Interest Rate, higher from 2.49% to 2.56%, by the Bond Vigilances, has done what Ron Paul and the Libertarians have consistently called for: an end to the Fed.
The Bond Vigilantes call of the Benchmark Interest Rate, ^TNX, higher from 2.49% to 2.56% on July 1, 2014, ended the Fed, at least the Fed, as it is construed in masterminding Interest Rates lower.
US Treasury Debt is no longer the driving economic force in the world, and as a result the Dollar Standard, Super Imperialism, and the US Dollar Hegemonic Empire, as described by Michael Hudson, just like the previous global empire, the British Empire, is being relegated to the dustbin of history.
The modern day, debt based, fiat money system failed on July 1, 2014, as the Bond Vigilantes, called the Benchmark Interest Rate higher, $TNX, higher from 2.49% to 2.56%. Throughout history, nation states and empires have died when their debt is no longer seen as trustworthy. The death of the US Dollar Empire occurred on July 1, 2014 as Credit investors were displaced by the Bond Vigilantes calling its 10 Year Note Interest rate higher.
From 2008 onward, the Global ZIRP monetary policies of the world central banks were really never designed for attaining price stability and employment, and thus have not provided economic recovery; rather the monetary policies were designed to change the primary function of money to serve as the basis of fiat wealth investment; and thus birthed the investor, and investment gain, as the centerpiece of economic activity, with the result being awesome fiat wealth inflation.
In contrast, the June 5, 2014 Mario Draghi ECB Mandate for NIRP and Targeted LTRO, together with the June 21, 2014, Mario Draghi ECB Press Announcement Calling For Shared Sovereignty, address secular stagnation, defined as low growth, low employment, and low inflation.
These serve as the EU Economic Manifest, that is the Charter and Club, for Eurozone regional governance, and have birthed the debt serf and debt servitude, as the centerpiece of economic activity, and will become ever more apparent and defined, as the call for shared sovereignty becomes ever more trumpeted, as economic deflation worsens when investors increasingly derisk out of debt trade investments and deleverage out of currency carry trade investments.
I would argue that it's not just the elites that fascism proves to be more palatable fore. Just look at the response to the Hobby Lobby supreme court case.
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