The valiant New York Sun has printed my letter in its June 10th edition and online here:
'Bernanke Discovers the Dollar'
Thank you for your editorial about the Fed's role in creating inflation ["Bernanke Discovers the Dollar," June 5, 2008].
In the late 19th century the Mugwumps, the educated New Yorkers and Bostonians who opposed the spoils system and big government, were concerned about currency depreciation and inflation that Civil War greenbacks had caused.
In particular, the Mugwumps were concerned that inflation led to the re-distribution of wealth from wage earners and those on fixed incomes to financial speculators like Jay Gould.
Ever since President Nixon jettisoned the international gold standard in 1971, Americans' average real hourly wage has declined. There has been no previous 38-year decline in the real hourly wage.
Modern economists, lacking the Mugwumps' courage, have averted their gaze from link between income inequality and monetary expansion.
But the link is obvious, and it is becoming more severe. In 1884 the Mugwumps bolted the Republican Party to vote for a Democrat, Grover Cleveland, a gold standard proponent.
Let us hope that John McCain offers greater integrity than did Cleveland's 1884 opponent, James Blaine.
MITCHELL LANGBERT
Associate Professor of Business and Economics
Brooklyn College
Brooklyn, N.Y.
Tuesday, June 10, 2008
Hinchey Gas Cap Misguided
The Middleton Times Herald Record printed my June 8, 2008 letter in their Sunday edition and online here
Hinchey gas 'cap' misguided
Rep. Hinchey's recent call for a price control or "cap" on gasoline prices is misguided.
Those who remember the 1970s gasoline lines know that rationing causes shortages. With a "cap," those who need gasoline the most would be unable to get it, while the politically connected would have ample supplies. The "cap" would harm the environment because those who have political access to the gasoline would squander it because of low prices.
New York state's gerrymandering seems to have affected Hinchey's sanity.
Mitchell Langbert
West Shokan
Hinchey gas 'cap' misguided
Rep. Hinchey's recent call for a price control or "cap" on gasoline prices is misguided.
Those who remember the 1970s gasoline lines know that rationing causes shortages. With a "cap," those who need gasoline the most would be unable to get it, while the politically connected would have ample supplies. The "cap" would harm the environment because those who have political access to the gasoline would squander it because of low prices.
New York state's gerrymandering seems to have affected Hinchey's sanity.
Mitchell Langbert
West Shokan
Phil Orenstein's "New McCarthyism"
Over at Democracy Project, Phil Orenstein has written a blog about reaction to his Frontpagemag article "Fantasizing the New McCarthyism". Phil's article concerned accusations that discussion of terrorism and 9/11 constitute "McCarthyism". Universities throw conservative students out of education programs because they lack vague "social justice dispositions" and then call any critic of their tactics "McCarthyist". In particular, Sharad Karkhanis has been victimized by a law suit brought by CUNY union-cum-management activist Susan O'Malley. O'Malley, in an attempt to silence Karkhanis, has sued him for disagreeing with her. However, this does not stop O'Malley from calling others, including the exalted Karkhanis and the noble, distinguished and learned CUNY trustee Jeffrey Weisenfeld "McCarthyist":
"She then directed her venom toward CUNY trustee Jeffrey Wiesenfeld whom she described as so anti-Muslim that it’s a contradiction for him to be on the CUNY board...A number of panelists and people in the audience broke into an emotional discussion about the CUNY board and why they should remove Wiesenfeld."
Note the fixation of Susan O'Malley, the PSC leadership and the campus left in general on "removing" anyone with whom they disagree. University professors are too often bigots, and O'Malley and PSC colleagues have lynch mob tactics up their sleeves. Phil's blog notes:
"O’Malley, a long-standing academic public figure had the gall to sit piously on the panel and use the forum for her personal agenda to paint a far-fetched portrait of lies... ."
Phil notes that Muslim Student Associations sometimes are anti-Semitic, a matter of indifference to the Professional Staff Congress leadership. Phil, quotes my blog about Obama's Teapot Dome cabinet and, as well, his debate with a Satanic blogger (really, see link). When you debate with a Satanist, the devil is in the details!
Phil's courage and commitment are outstanding. Bravo Phil!
"She then directed her venom toward CUNY trustee Jeffrey Wiesenfeld whom she described as so anti-Muslim that it’s a contradiction for him to be on the CUNY board...A number of panelists and people in the audience broke into an emotional discussion about the CUNY board and why they should remove Wiesenfeld."
Note the fixation of Susan O'Malley, the PSC leadership and the campus left in general on "removing" anyone with whom they disagree. University professors are too often bigots, and O'Malley and PSC colleagues have lynch mob tactics up their sleeves. Phil's blog notes:
"O’Malley, a long-standing academic public figure had the gall to sit piously on the panel and use the forum for her personal agenda to paint a far-fetched portrait of lies... ."
Phil notes that Muslim Student Associations sometimes are anti-Semitic, a matter of indifference to the Professional Staff Congress leadership. Phil, quotes my blog about Obama's Teapot Dome cabinet and, as well, his debate with a Satanic blogger (really, see link). When you debate with a Satanist, the devil is in the details!
Phil's courage and commitment are outstanding. Bravo Phil!
Monday, June 9, 2008
Petition to Abolish the Federal Reserve Bank
I just received an e-mail from Ron Holland concerning a petition to abolish the Federal Reserve Bank. I have signed it and have forwarded Ron's e-mail to several friends. Ron's e-mail reads:
>"The Federal Reserve Has Created the Risk of a Global Depression!
>"Please sign, publish or forward our Abolish the Federal Reserve Petition at:
http://www.petitiononline.com/fed/petition.html
to all your pro-freedom friends and associates. The collapsing dollar, exploding oil and food prices, falling housing market, the subprime mortgage and growing credit crisis and stock market weakness are all a result of earlier Federal Reserve actions designed to maximize Wall Street and banking profits at the expense of productive, working people around the world."
http://www.petitiononline.com/fed/petition.html
>"The Federal Reserve Has Created the Risk of a Global Depression!
>"Please sign, publish or forward our Abolish the Federal Reserve Petition at:
http://www.petitiononline.com/fed/petition.html
to all your pro-freedom friends and associates. The collapsing dollar, exploding oil and food prices, falling housing market, the subprime mortgage and growing credit crisis and stock market weakness are all a result of earlier Federal Reserve actions designed to maximize Wall Street and banking profits at the expense of productive, working people around the world."
http://www.petitiononline.com/fed/petition.html
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