A Century of Failure: Why It's Time to Consider Replacing th

[Themightytom]

Has anyone else seen this? because I am sick of seeing it on facebook.
I'm just curious what other people think.

Posted in science because this topic typically pops up in a logic argument about the effectiveness of government which generally degenerates into a moral argument over the role of the government.

And then back peddling, strawman's and revisionist history.

[J]

He's right for the most part. He's wrong about the FDIC, if the FDIC is run as per its mandate it should incur minimal losses when closing down banks which can be covered by the reserve fund it maintains through its fees on the banks. It's only when Prompt Corrective Action fails to be observed that the FDIC runs up massive losses which are then covered by the government via the taxpayers.

He gets the inflation & deflation part right, understands that deflation is not always a bad thing (think computers, one can now buy a nice computer system for around 30% of what a nice system cost 10 years ago) and he's also right on how more government spending should in theory further smooth out economic cycles.

However, he misses the biggie; if the Fed had followed its mandate as stated in the Federal Reserve Act, it would've worked quite well. The reason it does not is because its mandate isn't worth the paper on which it's written, and has been violated more times than a cheap whore.