Thursday, August 11, 2016

David Stockman*:
Restore Capital Markets By
Abolishing The Federal Reserve
"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 .. The FOMC should be abolished .. The alternative is real simple. It’s called price discovery on the free market; it’s the essence of capitalism."
link here to the essay

1 comment:

Anonymous said...

and the FDA...Heart of Bureaucratic Darkness
Why won’t the FDA make a decision on a muscular dystrophy drug?

Please “Like” and “Share”!

A must read for our supporters. This drug works and it’s safe. It should have been approved long ago. Get ready for a fight very soon……

“Government ineptitude is usually a punch line, but the dark reality is that bureaucratic malfeasance can carry a body count. The Food and Drug Administration is months late deciding whether to approve a drug for muscular dystrophy, and by now there’s only one explanation: Some of the agency’s staff have exploited FDA processes to evade accountability for an unprofessional review…..”

It’s time for the FDA to clean house in the Division of Neurology.

“Drs. Farkas and Bastings have lost the public’s confidence that they can conduct a fair review, and no bureaucratic proceeding should stop the FDA from reviewing their fitness for service. A cleaning out is overdue: The neurology division takes 600 days on average to approve a drug, according to a Manhattan Institute analysis. That’s three times the figure for the oncology division, which is hardly known for promptness, and neurology’s workload is below average for the agency….”