Friday, November 5, 2010

Bernanke: Fed Will Not Monetize Debt

QE 2, quantitative easing, is monetization of the federal debt (h/t Glenda McGee).  Keynesian economics is founded on lyng.  The liars, i.e., the Fed, the economics profession, the federal government and the media, have bamboozled the public for nearly 80 years.  Keynesian economics is based on wage reduction and transfer of wealth to asset holders at the expense of wage earners.  This is accomplished using welfare as a smoke screen.  Transfer the lion's share to asset holders, a small percentage to welfare recipients, then claim that the wealth is being transferred to welfare recipients.  This trick was first devised by Augustus Caesar and it has worked beautifully in the United States.  Part of the plan is an education system that numbs minds and teaches that the Keynesian plan is all that works. Keynesian economics is based on lying because saying openly that the economics establishment, Wall Street, the federal government and the media plan to make you poorer to subsidize the stock market will not fly in a democracy.  You voted the Keynesians in and they have been ruling over you for 80 years.  Enjoy the results.


Doug Plumb said...

I just cannot believe that politicians, of whom most are attourneys and therefore capable of passing high school math actually believe in the Keynesian system.

I must believe that they actually have faith in that system in order to not believe in a conspiracy.

Its understandable how champagne socialists would support a system such as this to keep themselves drinking the champagne while the rest of humanity works to supply it, but they must surely see the light by now and be able to cognize their uselessness in the emerging technological society.

Mitchell, pls tell me how my thinking is wrong if you believe that to be the case.

BTW: I'm on another read of the 1st Critique. You and Bertrand Russell both say that Kant says everything is an illusion. In the Transcendental Aesthetic he explicitly says this not the case three times in the text.

Anonymous said...

Excellent analysis Dr. Langbert. NO QE2. No monetizing the debt. Let the unemployed stay unemployed. They deserve it. The free market will take care of them. Of course, you are on government dole, so who cares for anyone else.

Mitchell Langbert said...

Sounds like I have a superstitious reader. Let's see. 1930s: Fed reinflates, unemployment does not go down. 1970s: Nixon and Carter inflate, unemployment rises. 2009: Massive expansion of monetary base: unemployment rises.

Your old fashioned ideas worked so well in the Weimar Republic and Zimbabwe that we must do them here, even though they have failed repeatedly here.

I assume you don't walk under ladders, avoid black cats and throw salt over your shoulder when it spills. These practices go along with the absurdly failed superstition of Keynesian and monetarist economics.

As far as me being on the dole, do you only object to that when you disagree with someone, or do you also aim to squelch the opinions of those with whom you agree?

I will make a deal with you. If you can arrange me paying 10 percent tax and that's all, I will quit my job. Until them, I don't intend to let you do me. I will do you instead, left wing sc*m.