Saturday, April 9, 2011
Marc Faber's Gloom Boom and Doom: The Wealthy Benefit from Paper Money Inflation
My late friend Howard S. Katz was the first one I ever heard to describe the Fed and the inflationary process as one that benefits the wealthy at the expense of the poor. Howard's book The Paper Aristocracy is out of print. Marc Faber of GloomBoomDoom.com is performing a major public service by taking his argument public on CNBC. Faber makes great points in this interview (h/t Dennis Sevakis). The female CNBC announcer suggests that what Faber is saying is a conspiracy theory. Because of her poor education, she is unaware of the issues surrounding Andrew Jackson's election in the 1820s and 1830s. As well, her suggestion that Faber's argument is one in favor of a well funded public education system is foolish. The public education system is well funded now, but it propagates propaganda in favor of the Fed and socialism because the people who shape the education system share the pro-Fed, pro-socialist Progressive ideology.