I have found an interesting little hobby: reading through user comments about political articles found on mainstream news websites. My two favorite sites are CNN.com and yahoo.com. This yields a generous amount of comedic entertainment. But sadly, I take one serious thing away: many of these people have no idea what they're talking about. Well, maybe I should refine this statement: many of these people blindly follow something while proving no proof or backing behind what the heck they're saying. I digress: many people sound like idiots because they have no idea how to stand behind, well... anything. I sometimes write a comment to these people to challenge them on their position. Sure, I don't expect a 132-page dissertation with 10 perfectly cited sources, but it would be nice to see some evidence that shows they actually have a clue. It's disheartening, and sometimes, yes, I'll admit, it just wastes my time. Many of these comment-leaving dolts are what I refer to as MSNBC economists. They see one headline, or watch one pundit on a late night "news" show and all of a sudden they think they are Paul Krugman. But, who knows? Maybe it will provide for some intelligent debate in the blogosphere.
Case in point: The Occupy Wall Street Movement.
Here is a little, um, "poster" I found on Facebook. The user who posted it commented "support OWS" right under the posting:
Its message is as clear as it gets. But, I challenge: Examples? Proof? Recite one thing that is an example of how a bank robs a person. Please? Anybody? I would love to hear this.
I'm your huckleberry. The Federal Reserve Bank, is a privately owned bank that prints money (backed by nothing) and loans it to our government (us) at an interest rate. That money is spread into circulation and we become the debtors. Debtors on a collective level through the gov't, and debtors personally through a system where a(n increasing)cut of our earnings is taken from us. What's your mortgage payment? Car payment? Rates? Taxes? It's called debt slavery and we're all the slaves.
ReplyDeleteI guess I will just call you Anonymous. :-) Thank you for your comment. I will admit; it’s a breath of fresh air. How so? Well, in this first paragraph of this post I stated that it’s kind of disappointing to read comments on the mainstream media websites. They are typically ignorant, slanderous, rants without proof or rhyme or reason. As the first official debate post on LME, whether I agree or disagree, I’m glad to see someone engaging in intelligent debate rather than the uneducated insults and tripe I seem to see everywhere else. Thank you.
ReplyDeleteWith regards to your post, I actually still have not taken an official position on the Federal Reserve Bank. I completely understand most of the issues you bring up. On one hand, I believe the government should be as small and as limited as possible. I believe firmly in the invisible hand, and the power of the free markets. With that notion, that would typically lead one down the path of ending the Fed and letting the markets govern themselves freely through the intersection of supply and demand of loanable funds, securities, bonds, etc.
On the other hand, removing the Fed eliminates the government’s ability to govern monetary policy. To me, in a perfect world, one without the outside influence of world markets, exchange rates, etc., the need for a government-sponsored monetary policy wouldn’t exist. Again, the markets would determine that. But since the U.S. isn’t free from foreign market (and mainly currency-related) influences, many (again, I haven’t totally made up my mind) believe that a government-sponsored monetary policy is necessary because of the existence of the world arena. I would point to Greece. Greece is now under an all encompassing currency (the Euro). It is subject to the Euro’s fluctuations in the world’s currency markets. Greece uses the Euro for its transactions and debt obligations, and Greece, like any sovereign nation, can accumulate debt. Unfortunately, Greece cannot set its own monetary policy. It can’t regulate monetary decisions independently, and this could be one of the largest reasons behind its debt crisis.
Yes, a good case against the fed is that it can be used in conjunction with the Treasury to monetize debt, which, as many economists believe, creates this magical phenomenon of wealth out of nothing. As far as mortgages go, where I respectfully disagree with you is the notion of “what’s my mortgage payment, car payment, etc.” I still believe that I made the choices to engage in these transactions. If I or other citizens didn’t like what we saw with respect to rates, etc., we don’t have to participate. I choose to, and purchased my mortgage at the rate I felt was fair. To me, this shows that the magic behind the intersection of supply and demand does still exist in this form, and hopefully, is legally and logically balanced.
It’s your turn if you like :-) If you write back, great! If not, thanks again. I hope you continue to follow LME. Please pass this blog on to at least one friend.