Sunday, June 19, 2016

5* Abolish The FOMC, 
David Stockman* does it again. This essay is filled with valuable points that the public will never read .. because Stockman insists on writing with obfuscating magniloquence .. He can't write like Hemingway. In this one he makes the case to abolish the Federal Reserve/FOMC to get price discovery back on the free market, the essence of capitalism .. "There are three reasons given as to why capitalism’s monumental and crucial tasks of setting the price of money and debt cannot be trusted to the free market. But all of them are wrong; all of them are a variation of the giant Keynesian error that capitalism self-destructively tends toward entropy absent the ministrations of the state, and especially its central banking branch. The three cardinal errors of which we speak are the claim that 1) debt is the keystone to prosperity, 2) the business cycle is inherently unstable and bleeds the economy of growth and wealth and 3) active central bank intervention is needed to stop bank runs and financial crises from spiraling into catastrophe,"
LINK HERE to the essay

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