Now, I don’t 100% agree with what was put out in the article, but, it’s a very worthwhile read.
Jackson Hole — The Jackson Hole Summit by the American Principle’s Project (APP) for sound money made an excellent case that the country would have been better off without the Fed’s style of management for the last 102 years.
From its founding until the beginning of the 20th century, the United States went from a non-economy to being the world’s largest and wealthiest economy. It achieved this feat on the gold standard mostly, with no central bank, (except for 36 years), and with little or no central planning.
The country it replaced as the largest and wealthiest economy, Great Britain, had become the largest and wealthiest economy using the gold standard and a laisse faire Central Bank with no central planning. The book Lords of Finance the Bank of England “was run ljke a club” with the rotating directors who did little but let the gold do its work. Kwasi Kwarteng conference speaker, British MP, and author of the new book War and Gold, commented that between 1816 and 1899 the UK government ran a deficit in excess of 1% of GNP and in only four years. During this time the UK was very disciplined in both fiscal and current account deficits.
The two countries succeeded through innovation and hard work during the industrial depending upon the stability of their economies provided by the gold standard, not the temporary steroid induced temporary magic and monetary policy and the sleight of hand of Fed Speak. …..
I can’t possibly go through everything stated in the article. But, it’s a good read.
Now, I’m not big on income disparity, and have stated it many times in the past. But, isn’t it ironic that the people who cry about it are the very same people who advocate the unfettered printing of fiat money, ….. which is the cause of the income growth disparity? More specific, and laughable ….. as I stated several times in the past, the QE didn’t go to poor people. It went to rich people, in hopes that it would stimulate them to create jobs. The advocates for this idiocy are the same people who deride Reagan’s economics as “trickle down”.
Of course, the problem today, and the problem which caused the 08-09 recession wasn’t that people didn’t have access to capital. Indeed, it was one of the main problems in the US! But, the Fed fixed us by creating more capital out of thin air! 😐 Yeh, we need the Fed like we need another Obama term.