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Thread: A Speech at the NY Fed Reserve

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    A Speech at the NY Fed Reserve

    http://www.economicpolicyjournal.com...k-federal.html

    This is how it started:

    Thank you very much for inviting me to speak here at the New York Federal Reserve Bank.

    Intellectual discourse is, of course, extraordinarily valuable in reaching truth. In this sense, I welcome the opportunity to discuss my views on the economy and monetary policy and how they may differ with those of you here at the Fed.

    That said, I suspect my views are so different from those of you here today that my comments will be a complete failure in convincing you to do what I believe should be done, which is to close down the entire Federal Reserve System

    This is how it ended:

    I will now give you more warnings about the economy.

    The noose is tightening on your organization, vast amounts of money printing are now required to keep your manipulated economy afloat. It will ultimately result in huge price inflation, or, if you stop printing, another massive economic crash will occur. There is no other way out.

    Again, thank you for inviting me. You have prepared food, so I will not be rude, I will stay and eat.

    Let’s have one good meal here. Let’s make it a feast. Then I ask you, I plead with you, I beg you all, walk out of here with me, never to come back. It’s the moral and ethical thing to do. Nothing good goes on in this place. Let’s lock the doors and leave the building to the spiders, moths and four-legged rats.


    WOW

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    I scratch my head that somehow your conclusions about unemployment are so different than mine and that you call for the printing of money to boost “demand”. A call, I add, that since the founding of the Federal Reserve has resulted in an increase of the money supply by 12,230%.
    Since the start of the Fed, prices have increased at the consumer level by 2,241% [3]. that’s not me misspeaking, I will repeat, since the start of the Fed, prices have increased at the consumer level by 2,241%.
    I don't think he's going to be invited back. Still, it was very polite of him to stay and eat lunch.

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    You are probably right.

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    Great speech. I liked this part:

    Please allow me to begin with methodology, I hold the view developed by such great economic thinkers as Ludwig von Mises, Friedrich Hayek and Murray Rothbard that there are no constants in the science of economics similar to those in the physical sciences.

    In the science of physics, we know that water freezes at 32 degrees. We can predict with immense accuracy exactly how far a rocket ship will travel filled with 500 gallons of fuel. There is preciseness because there are constants, which do not change and upon which equations can be constructed..

    There are no such constants in the field of economics since the science of economics deals with human action, which can change at any time. If potato prices remain the same for 10 weeks, it does not mean they will be the same the following day. I defy anyone in this room to provide me with a constant in the field of economics that has the same unchanging constancy that exists in the fields of physics or chemistry.

    And yet, in paper after paper here at the Federal Reserve, I see equations built as though constants do exist....

    I also find curious the general belief in the Keynesian model of the economy that somehow results in the belief that demand drives the economy, rather than production....

    Further , I will argue that the price of the factors of production will adjust to prices at the consumer level and that thus the markets at all levels will clear. Again do you believe in supply and demand or not?

    I scratch my head that somehow most of you on some academic level believe in the theory of supply and demand and how market setting prices result, but yet you deny them in your macro thinking about the economy....
    SO who was this masked man? I see Robert Wenzel, Editor & Publisher?

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    Quote Originally Posted by Chris View Post
    Great speech. I liked this part:



    SO who was this masked man? I see Robert Wenzel, Editor & Publisher?
    I like that part to Chris. Demand and spending isn't working. It didn't work in the 30s either.
    Don't only Practice your Art, but force your way into its Secrets, For it and Knowledge can Raise men to the Divine!!!!! Ludwig Van Beethoven ~

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    Quote Originally Posted by MMC View Post
    I like that part to Chris. Demand and spending isn't working. It didn't work in the 30s either.
    So where's demand-side dagny?

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    Dunno it ran off after D checked it.....yesterday.
    Don't only Practice your Art, but force your way into its Secrets, For it and Knowledge can Raise men to the Divine!!!!! Ludwig Van Beethoven ~

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