tag:blogger.com,1999:blog-3758330678390419129.post2306632278359456440..comments2024-02-13T02:39:22.756-05:00Comments on EconomicPolicyJournal.com: My Fed Speech, The DetailsRobert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.comBlogger46125tag:blogger.com,1999:blog-3758330678390419129.post-37012772778657943112012-05-04T13:22:09.880-04:002012-05-04T13:22:09.880-04:00If the minions at the Fed are afraid of expressing...If the minions at the Fed are afraid of expressing a non-Keynesian view for fear that it would be a career killer, wait until the system collapses and their policies excoriated. They'll be like the lookout on the Titanic trying to get a job on another ship.dubya_ohttps://www.blogger.com/profile/11176028039839537499noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-29443148291561233202012-05-04T11:14:39.112-04:002012-05-04T11:14:39.112-04:00Mr. Wenzel is economics' Martin Luther nailing...Mr. Wenzel is economics' Martin Luther nailing his 96 Theses on the Wittenburg church door. Being on the right side of an argument makes it much easier to be bold and challenge the powers that be.dubya_ohttps://www.blogger.com/profile/11176028039839537499noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-13064211006844624202012-05-03T19:01:12.112-04:002012-05-03T19:01:12.112-04:00Thank you for this follow up to your initial "...Thank you for this follow up to your initial "speech at the Fed" story.<br /><br />It's disturbing, if not frightening, that you notice such a lack of well-rounded familiarity with different schools of economic theory within the Fed. I surmise this results in a degree of bias in the research & reporting that is funneled up the pyramid to decision makers at the top.<br /><br />ItRoy Cobdenhttp://roycobden.wordpress.comnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-5262955166727153972012-04-30T10:28:10.605-04:002012-04-30T10:28:10.605-04:00I learned the equation as
PV = nRT
the ideal gas l...I learned the equation as<br />PV = nRT<br />the ideal gas law.<br /><br />The fundamental problem with economics is that it is not a science. In science, one develops a theoretical model of how a physical system should function based on an understanding of so called first-principles. One then does empirical studies to validate or invalidate the model.<br />In economics, most practitioners Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-50406440528144623252012-04-29T19:23:23.597-04:002012-04-29T19:23:23.597-04:00I think it's a separate argument whether ignor...I think it's a separate argument whether ignorant people committing evil acts are still evil, and I think I might actually agree with you. I think the reason I worded my post as I did was in attempt to convince Austrians/libertarians to persuade others with logic rather than flat out calling them evil and leaving it at that. Even of the most open minded people, fairly few will be open minded Bharathttp://theinterventionistparadox.wordpress.comnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-2578573978490895952012-04-28T15:00:43.446-04:002012-04-28T15:00:43.446-04:00I think your answer lies near the end of this spee...I think your answer lies near the end of this speech.<br /><br />http://www.presidency.ucsb.edu/ws/?pid=27108Ghost of Coin Harveyhttp://archive.org/details/coinsfinancialsc00harvrichnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-7610606378384336462012-04-28T14:58:16.634-04:002012-04-28T14:58:16.634-04:00This old book details the first Government interve...This old book details the first Government intervention in the original system the Founding Fathers set up. You have to get how the original system worked by inference (when it comes to the banking system). It was a very different system and I think most people today don't understand how it worked. It was brilliant. I think a lot of what has happened is due to ignorance.<br /><br />http:/Ghost of Coin Harveyhttp://archive.org/details/coinsfinancialsc00harvrichnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-88136608601599102362012-04-28T12:43:55.009-04:002012-04-28T12:43:55.009-04:00Pete you nailed it. Run for President.Pete you nailed it. Run for President.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-55270814584947712802012-04-28T08:42:44.944-04:002012-04-28T08:42:44.944-04:00On your requests for research:
1. Tom Woods (Melt...On your requests for research:<br /><br />1. Tom Woods (Meltdown) has already done a good (though not excellent) job refuting the argument that, pre-Fed, crises were worse. Bottom line: Banking panics were more frequent, but had a "shallower" effect because fewer people we in debt to the banks. Remember Rothbard's comment that banking crises are good and the longer we delay a Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-2548761063776327482012-04-28T08:32:33.078-04:002012-04-28T08:32:33.078-04:00Lot's of comment on the two schools Austrian v...Lot's of comment on the two schools Austrian vs Keynes. We can create sophisticated computer programs to simulate real life speeded up (DNA and biological research), so why not have financial models of the two schools with inputs we can all look at?<br /><br />Is Economics really so difficult? Why not create a simple real life system in a computer model - for instance start it off with two Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-18701490499064819102012-04-27T23:08:04.006-04:002012-04-27T23:08:04.006-04:00If It is correct and I believe it is, Wilson after...If It is correct and I believe it is, Wilson after the Fed was enacted into law said , " What have I done to my country". The Federal Reserve is a private firm with government oversight. They pay the printing costs for our currency, and then loan it back to our government at interest. What a gig if you can get it. They supposedly control the up and downs by controlling the money supply Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-61782526669590470462012-04-27T22:31:52.972-04:002012-04-27T22:31:52.972-04:00So - you are claiming ignorance as a defense for d...So - you are claiming ignorance as a defense for destroying a currency, an economy, and a nation, and then claiming this is not evil? The Austrian school content is available for anyone who seeks it. Just as information about term life instead of whole life insurance is. To claim ignorance while committing and perpetuating/supporting evil (especially as extreme as the Fed does) in this age of Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-15266730159220531922012-04-27T20:58:26.997-04:002012-04-27T20:58:26.997-04:00If you want to know what Nietzsche would have thou...If you want to know what Nietzsche would have thought, just read Max Stirner, whom he plagiarized.<br /><br />Stirner would definitely have rejected the Fed, since it is based on ruling the individual ego under abstract concepts, be it "state level regulation", "price or employment stability" (haha!).Petenoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-11777164163746604512012-04-27T20:03:28.686-04:002012-04-27T20:03:28.686-04:00Bob, you are a hero over at Zero Hedge. Nicely don...Bob, you are a hero over at Zero Hedge. Nicely done, as you already know.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-24842694197549443202012-04-27T18:41:26.986-04:002012-04-27T18:41:26.986-04:00The Creature from Jeckyll Island also has a lot of...The Creature from Jeckyll Island also has a lot of information on central banking before the Fed and their role in booms and busts.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-92175157044242012552012-04-27T17:34:00.029-04:002012-04-27T17:34:00.029-04:00The paid for priests are everywhere. Though this ...The paid for priests are everywhere. Though this is somewhat dated, it was an eye opener to me. "Priceless. How the Federal Reserve Bought the Economics Profession." http://www.huffingtonpost.com/2009/09/07/priceless-how-the-federal_n_278805.htmlAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-19608692805272268262012-04-27T13:44:47.090-04:002012-04-27T13:44:47.090-04:00The obvious question is: where is the audio? I wo...The obvious question is: where is the audio? I would love to hear it, especially the Q&A. If you have it, this would make for a great resumption to your podcast.Tom Bernhardthttps://www.blogger.com/profile/18274581933972838536noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-10321942945398373522012-04-27T13:35:47.131-04:002012-04-27T13:35:47.131-04:00Wenzel as Morpheus, the NY Fed as the Matrix.
I ...Wenzel as Morpheus, the NY Fed as the Matrix. <br /><br />I second the sentiment that if even one Fed economist finds himself in a darkened room going to Mises.org, the speech was a rousing success.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-86789554923452267202012-04-27T10:43:09.657-04:002012-04-27T10:43:09.657-04:00Yes, brilliant. What would Nietzsche say about th...Yes, brilliant. What would Nietzsche say about the Fed today...?cris Rhttp://www.campaignforliberty.com/profile.php?member=Cristopher_Rodrigueznoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-5882457447769049152012-04-27T08:49:42.747-04:002012-04-27T08:49:42.747-04:00The reason, of course, that mainstream economists,...The reason, of course, that mainstream economists, (i.e., those who work for the government, or those who hope to via ye olde revolving door) are blissfully unaware of the Austrian School is that it opposes government involvement in the economy, and hence is a complete non-starter for them. Should any in your audience wake up and subscribe to the Austrian School, they will do so at the risk of DwightJohnsonhttp://governmentbycontract.comnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-74078157099416301642012-04-27T08:44:08.303-04:002012-04-27T08:44:08.303-04:00One blogger I read called this the greatest econom...One blogger I read called this the greatest economic speech ever given. I think I agree. Would that you would become treasury secretary with a night job of shutting down the Fed. That would be a great day. I have saved this speech and have every intention of using it in referral for anyone trying to tell me the government is doing a good economic job.<br />Your whole speech just sweeps over one jacknoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-21461408854285145132012-04-26T23:16:03.938-04:002012-04-26T23:16:03.938-04:00The U.S. Federal Reserve Central Bank System is th...The U.S. Federal Reserve Central Bank System is the biggest, most destructive fraud ever perpetrated upon mankind. <br /><br />And note to Bharat, yes, they are "Evil" all of them, for what they have done, and do.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-81864107798453764312012-04-26T22:38:58.626-04:002012-04-26T22:38:58.626-04:00In "Money and Banking" Rothbard does add...In "Money and Banking" Rothbard does address the difficulty banks had redeeming notes of other banks for specie due to anti-branch banking laws. I'd copy and paste the passage, but I can only find it in pdf format and I'm clueless how to copy text from those documents.Ombibulousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-10969001723627783362012-04-26T21:44:30.276-04:002012-04-26T21:44:30.276-04:00I'm no economic historian, but I'm sure th...I'm no economic historian, but I'm sure that you would have no difficulty showing where the government interfered frequently even in monetary policy in the 19th Century. Greenbacks is an obvious case, but Congress also voted to expand the money supply by minting silver. And even Andrew Jackson, sometimes lionized by Austrians for ending the second bank, put federal money into his cronies robnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-38388651917469297672012-04-26T21:20:59.683-04:002012-04-26T21:20:59.683-04:00Lesson learned is when FED or Keynesian economist ...Lesson learned is when FED or Keynesian economist starts to discuss the Austrian school, have them cite their references.Anonymousnoreply@blogger.com