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Book review: The Creature from Jekyll Island

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van.novat
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re: Book review: The Creature from Jekyll Island
van.novat   12/22/2010 4:02:16 PM
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Instead of making comments that make a smoothie out of a real "situation"; read the book first then make any comments based on "information". I read this book, and G. Edward Griffin the author, did an excellent job. Another great book from John Perkins "The confession of an Economic Hit Man" shows the US Foreign Policy for what it is. MOST Americans DON'T know what our policy is...but we are paying dearly for it today...if you are not one of the rich. Enjoy you Holiday Season.

rpell2
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re: Book review: The Creature from Jekyll Island
rpell2   11/16/2010 3:51:27 AM
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Here's an amusing cartoon video - titled "Quantitative Easing Explained" - that explains "what the Federal Reserve is up to, and how we got here": http://www.youtube.com/watch?v=PTUY16CkS-k

rpell2
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re: Book review: The Creature from Jekyll Island
rpell2   9/24/2010 5:57:05 PM
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The value of the U.S. dollar on foreign exchange markets is influenced by many factors beyond actions taken by the Fed. And in any case, compared with other fiat currencies around the world the U.S. dollar may simply be considered "the best house in a bad neighborhood." Re: the example with "Mr. Bernanke" - it sounds suspiciously like a "free lunch" to me. Apart from questions over whether it makes any economic sense for the Fed to bail out market participants who make poor economic decisions (i.e., can't pay their debts), the example assumes that "Mr. Bernanke" removes the extra money from the system once his monetary sleight of hand has presumably achieved its intended purpose. A glance at historical charts of the growth of money supplies around the world however does indeed suggest a different reality: http://en.wikipedia.org/wiki/Money_supply#Money_supplies_around_the_world

pixies
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re: Book review: The Creature from Jekyll Island
pixies   9/22/2010 6:54:28 PM
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rpell2: I am not seeking answers to my comments, I am just trying not to be overwhelmed by the now popular yet irrational sentiment against the "system". But thank you for answering them anyway. Printing money does not always reduce everybody's savings, i.e., causing inflation. One practical example is that even after FED swamped the market with so much credit, the value of US dollar gained significantly against major currencies, and we are now facing a deflation pressure. One theoretical example is that, say, Mr. Bernanke owes you 5 buck, you owe me 5 bucks, and I owe Mr. Bernanke 5 bucks, no one has the cash to payback the debt and Mr. Bernanke suggests we let him print 5 dollars and he will pay you back the 5 dollars, and you pay me back 5 dollars and I pay Mr. Bernanke back and Mr Bernanke will nicely tuck the 5 dollar under the pillow or simply burn it, and now we are all even and nobody owes nobody and no body loses money in the process. Of course I understand the reality is different than the theory, and there are complications and ramifications when the government prints money to save the economy. I am an engineer too I deal with real world problems on daily basis. I think for myself and do no oversimplify things and point fingers at an easy target.

rpell2
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re: Book review: The Creature from Jekyll Island
rpell2   9/21/2010 3:50:34 PM
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"One of the functions of money is to regulate economy." Perhaps that's how central bankers see it. The real function of money is as a medium of exchange to facilitate economic transactions. "Printing more money is not inherently "evil" or "wrong"." It does however have the effect of reducing the value of the currency and eroding people's savings and spending power. "And nothing has "real" value. Even for gold, what defines the true value of gold?" It's whatever people are willing to buy/sell it for, just like with anything else. "It is probably true that the bankers on the Wall Street are to be blamed for the financial crisis" Sure, along with the government (including the Fed and the GSEs Fannie Mae and Freddie Mac) for encouraging - and laying the economic groundwork for - speculation in the real estate sector and millions of consumers who bought homes they couldn't afford. "Federal Reserve has definitely done more good than wrong." There is little evidence to support this.

bpaddock
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re: Book review: The Creature from Jekyll Island
bpaddock   9/18/2010 9:52:22 AM
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Speech given before the National Economists Club in Washington, D.C. on November 21, 2002 by Ben S. Bernanke: "What has this got to do with monetary policy? 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." - Ben S. Bernanke current chairmen of the Federal Reserve.

pixies
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re: Book review: The Creature from Jekyll Island
pixies   9/16/2010 7:41:10 PM
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One of the functions of money is to regulate economy. Printing more money is not inherently "evil" or "wrong". And nothing has "real" value. Even for gold, what defines the true value of gold? Is gold such an unusual commodity that it holds true value and has to be used as a currency? The ancient origin of government, according to sociologists, was a bunch of gangsters. That does not mean all governments that exist today are still gangsters, of course some still are. It is probably true that the bankers on the Wall Street are to be blamed for the financial crisis, Federal Reserve has definitely done more good than wrong.

aefrgqergqwergqerg
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re: Book review: The Creature from Jekyll Island
aefrgqergqwergqerg   9/16/2010 7:40:25 PM
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No mistake in posting it, I sure didn't know about it and I study economics as a hobby. Heck, the Cross of Gold speech was a century ago but most readers have not heard of that either. http://en.wikipedia.org/wiki/Cross_of_Gold_speech And lets not forget H. L. Menken's obituary on William Jennings Bryant, a couple of months after the Scopes monkey trial: "Imagine a gentleman, and you have imagined everything that he was not."

kfield
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re: Book review: The Creature from Jekyll Island
kfield   9/16/2010 6:45:54 PM
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Oops -- my mistake in posting this content. Thanks for the clarifying it.

iitywybmab
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re: Book review: The Creature from Jekyll Island
iitywybmab   9/16/2010 5:59:24 PM
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New book? It was first printed in July of 1994. It's hardly new.

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