----- Original Message ----- From: "Stephen A. Lawrence" <[EMAIL PROTECTED]> Date: Monday, December 1, 2008 3:00 pm Subject: Re: [Vo]:[OT]Inflation
> > > Michael Foster wrote: > > > I find it shocking that these issues are not covered in an > elementary> education. They are not difficult to understand, and > the average > > voter could make up his mind based on information rather than the > > general nonsense spewed forth by politicians. If the average person > > knew how the banking system works, I doubt there would be a Federal > > Reserve, and the authority to issue currency would be returned to > the> Congress where it belongs. > > Why do you think control of the money supply should be directly in the > hands of politicians, rather than under the control of a semi > autonomousgroup run by specialists who spend their careers > understanding this stuff? Why can't there be more than one system of money creation? Another semi-autonomous group could be established to insert non-debt money into the economy. The two groups would work in concert to limit inflation AND deflation. The creation of this money would be "backed" by the value of labour, instead of by a commodity (e.g. gold) or by debt. Anyway, I predict deflation is going to happen despite the injection debt-based money, because we are not entering a classic recession. harry
