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  • Ben Bernanke

    it would be difficult to devolve from AG, but W is determined to do so...here's what Ben famously said on 11/21/02...

    Like gold, U.S. dollars have value only to the extent that they are strictly limited in supply. But the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services. We conclude that, under a paper-money system, a determined government can always generate higher spending and hence positive inflation.
    The Dude abides.

  • #2
    This is from Reuters:

    QUOTE
    Bush said to pick Bernanke as Fed chief
    Mon Oct 24, 2005 11:20 AM ET

    WASHINGTON (Reuters) - President George W. Bush was expected to announce on Monday that he has picked top economic adviser Ben Bernanke to succeed Federal Reserve Chairman Alan Greenspan, a knowledgeable source said.

    An announcement was to come at 1 p.m. EDT. Bush told reporters there would be "an announcement soon" on his choice to replace Greenspan, whose 18-year tenure at the Fed runs out on January 31.

    Bernanke is chairman of Bush's Council of Economic Advisers. He served on the Fed's Board of Governors for nearly three years before moving to the White House in June.

    His move to the White House was watched with interest on Wall Street because of the belief that he was on the fast track to replace Greenspan.

    Bernanke, a highly regarded monetary economist, has advocated steps toward greater policy transparency at the Fed and is a long-time advocate of inflation targets.

    At the Fed, he argued the central bank could help cement its inflation-fighting credibility by putting a number on its definition of price stability.[/b][/quote]

    http://today.reuters.com/news/newsarticle....US-BUSH-FED.xml
    "You can't handle my opinions." Moedrabowsky

    Jeffro is a hell of a good man.

    "A liberal is a man too broadminded to take his own side in a quarrel." - Robert Frost

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    • #3
      Anybody ever read the novel "Crashmaker"?

      Speculates that Greenspan writes secret memoirs which is filled wiht "mea culpas" and hidden body parts.

      His successor is duped (using that time tested weapon called vanity) into facilitating a non-violent political revolution that brings the corrupt banking system down.

      And when the corrupt banking system comes down, the corrupt political system cannot stand on its own - crash.

      Cool stuff!

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      • #4
        QUOTE(Moe_Szyslak @ Oct 24 2005, 10:55 AM) Quoted post

        it would be difficult to devolve from AG, but W is determined to do so...here's what Ben famously said on 11/21/02...

        Like gold, U.S. dollars have value only to the extent that they are strictly limited in supply. But the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services. We conclude that, under a paper-money system, a determined government can always generate higher spending and hence positive inflation.
        [/b][/quote]

        I've heard some conservatives say: Well at least he didn't nominate his personal accountant.
        "You can't handle my opinions." Moedrabowsky

        Jeffro is a hell of a good man.

        "A liberal is a man too broadminded to take his own side in a quarrel." - Robert Frost

        Comment


        • #5
          QUOTE(FAR52 @ Oct 24 2005, 11:06 AM) Quoted post
          I've heard some conservatives say: Well at least he didn't nominate his personal accountant.[/b][/quote]

          [img]style_emoticons/<#EMO_DIR#>/laugh.gif[/img]

          Good one!

          Comment


          • #6
            QUOTE(King @ Oct 24 2005, 11:06 AM) Quoted post

            QUOTE(FAR52 @ Oct 24 2005, 11:06 AM) Quoted post
            I've heard some conservatives say: Well at least he didn't nominate his personal accountant.[/b][/quote]

            [img]style_emoticons/<#EMO_DIR#>/laugh.gif[/img]

            Good one!
            [/b][/quote]

            It's not a FAR original, but I did laugh out loud when I read it.
            "You can't handle my opinions." Moedrabowsky

            Jeffro is a hell of a good man.

            "A liberal is a man too broadminded to take his own side in a quarrel." - Robert Frost

            Comment

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