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| Joined: | Mon Nov 21st, 2005 |
| Location: | California USA |
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Why does someone, anyone, or any group of people, anywhere find that they are suddenly able to add zeros to their own bank accounts?
How many would you add to your account if you happen to find yourself in the same place at the same time?
There you are, just like those guys, you can turn your 10,000 dollar account into 100,000 dollars, by adding one little zero.
Add two.
How about adding 100 zeros?
Here is a quote from the link:
There was an outflow of gold from the Bank of England. Speculators thought the price of gold in pounds would have to be officially hiked. To keep this outflow from forcing the Bank of England to suspend payment, thereby confirming the forecasts of the speculators, the head of the Bank of England met with the head of the New York Federal Reserve in 1926 and persuaded him to inflate the dollar, so as not to make the dollar too valuable in relation to the pound. This would have caused investors to sell pounds and buy dollars. The U.S. government would then have sent pounds to Britain and asked for payment in gold. The New York FED did what the Bank of England asked. It inflated the dollar. The result was the stock market boom from 1926–1929.
Here is another quote:
Here, his tools of analysis fail him. Price deflation is no more a threat than emergency surgery is when someone has gangrene. Price deflation is the readjustment of prices to reflect the true conditions of supply and demand. But his outlook is universal, except inside Austrian School circles.
That is where Gary North, the author of the piece, is sadly in error. It is an elitist error, an error of ignorance and stupidity to assume such a thing. One example of one other person who isn't in either of the two "schools" is me, and then there is Al to consider too.
How about a list of people who are not framed in by Gary North's boundaries?
Joe Kelley
Albert Einstien
Josiah Warren
Stephen Pearl Andrews
Lysander Spooner
William Greene
I'm sure there are more.