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Collapse in US oil drilling has nothing to do with the Fed.
Gas taxes have nothing to do with the Fed.
Yeah, you might want to look into the history of taxes before exempting central banking from their creation...
Thanks for sharing your opinion. As I mentioned you might want to research. I don't care what you think, I care what you know.
We are forced to pay our taxes with the paper issued by our central bank. That's the basis of the dollar's value.
Bulgaria does seem to have a central bank:
https://bnb.bg/?toLang=_EN
No, you don't. I stated fact.
Central Banks have nothing to do with taxation.
FACT.
Governments have taxed money from people long before central banks were even invented and they do so even where central banks don't exist today, like in Bulgaria.
Not to mention central banks don't levy taxes, period.
You don't understand taxation through inflation,
aren't aware the IRS and the direct tax on income didn't exist prior to 1913
More importantly though you don't seem to understand the difference between cause and effect.
That is debasement, not taxation.
I know how to use a fucking dictionary.
Which HAS NOTHING TO DO WITH THE CREATION OF THE FED other than they both happened at the same time.
US government debased the money supply during the Civil War by printing greenbacks. No central bank involved! They also levied an income tax unconstitutionally during that time but SCOTUS ignored it until after the war. Again, no central bank was involved or needed.
i have spoken in the past about the cantillon effect. it’s one of those wonderful explanatory ideas that is at once obscure in that very few people know what it is but outlandishly obvious and essentially undeniable once you hear it. ...
ultimately, it’s very, very simple:
those who print new money benefit most from it.
those who get this new money from them fastest benefit nearly as much.
those who get it last are the ones most harmed.
that’s it.
the reason is obvious: when you spend newly created money, you get to buy at the prices from yesterday. you are the new demand and the new spending. you are what starts to cause inflation. but you don’t face it like others will. you’re the one driving up the prices for the next guy. he pays for your profligacy.
and this not only causes all manner up upward pointing wealth redistribution based on proximity to the money spigot, it destroys the fundamental aspects of price and markets that make them free and useful allocators of scarce resources. ...
... taken far enough, you get stories like “workers demanding to be paid 3 times a day and running out on lunch breaks to buy any physical goods they can lay hands upon to try to protect the value of their earnings.”
you get the double whammy of more money supply AND higher velocity of money. inflation goes hyper.
this is weimar, zimbabwe, venezeula, argentina.
and so perhaps it is fitting that newly elected argentine president milei, who has such strong austrian economic grounding, should rise as a sort of populist standard bearer to make this clear.
despite his frequent “hot” outbursts and seeming over-simplification and emotive expression, milei is actually quite a smart and thoughtful guy. he understands this stuff. and he’s explaining it in a way that non-economists can understand.
perhaps this is the argentine “great communicator” for our age. whatever the case, he’s precisely correct here and does a wonderful job of laying this out for a general audience.
now ask yourself the real question: why is it seemingly impossible for the US to produce a presidential candidate with any remotely plausible chance of victory that even seems to understand this idea much less possesses the ability (or perhaps the willingness) to communicate it? ...
the evolution of justification is always the same:
deny
minimize/claim this was the plan
claim this is a good thing
blame it on you once it was obviously bad
... but it also makes those close to the money printer incredibly rich and this is why politicians and their corporate cronies (especially the big money center banks) love this. for them, it’s christmas every day. for the rank and file worker, it’s desiccated holiday trees for $275 and presents they can’t afford.
this is a truly epic scam and one which, once taken past a point, is near impossible to derail or even slow. ...
and until we break the ability to do so by, for example, ending central banks as milei proposes, an idea that’s not nearly as radical as it sounds and that makes more and more sense the more one looks at it or even extends it to ideas like “it’s time to take provision and control of currencies away from governments who clearly cannot be trusted with them” we’re going to make no progress here.
if you think the person in the oval office or the party running congress makes a whit of difference here, i fear you’re fooling yourself.
this has become structural.
a system this powerful, profitable, entrenched, and beholden cannot be fixed. it’s not malfunctioning. it’s working just as was intended.
it just does not work for you.
The Fed will lower interest rates under 3% as a mild recession leads to a 'soggy 2024,' UBS chief economist says
ad says
The Fed will lower interest rates under 3% as a mild recession leads to a 'soggy 2024,' UBS chief economist says
Then inflation will rage.
create a hyperinflation environment like what occurred during the pandemic with a Fed Funds
ad says
create a hyperinflation environment like what occurred during the pandemic with a Fed Funds
There was no hyperinflation during the pandemic.
Inflation and hyperinflation are two different things.
true, hyperinflation is like what went on in Argentina such as +30% annual inflation ..
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It seems that Fed employees know how to get rich betraying the public.