90 Miles From Tyranny : Quick Hits Of Wisdom, Knowledge And Snark #1005

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Thursday, March 30, 2023

Quick Hits Of Wisdom, Knowledge And Snark #1005


Quick Hits Of Wisdom, Knowledge And Snark #1003


JG said...

I believe we should eliminate the IRS and the Federal Income Tax and go back to tariffs. The country was not in debt before that, except in time of war (Civil and 1812), and bonds took care of that. The banking was different and was not done by the Fed but by one Central Bank, which we should go back to tied to the treasury. This would require amendments to the Constitution.

MMinWA said...

Banking in the Industrial Revolution was predicated on hard assets like gold, oil, refining capabilities, shipping...There were no credit swaps or derivatives. Bankers looked at the bottom line before making loans(for the most part, we'll never be entirely free of cronyism) and still did until recently.

And finally there was no Federal Reserve whose purpose was supposedly to prevent depressions like those in the late 1860s and the one in 1879. It was needless because just like a forest fire that consumes the accumulated small brush, those depressions served to remove the poorly functioning businesses.

When the government helicopters billions to one under performing bank
in essence it's telling other bad actors that as long as you're making loans on nonsensical parameters, we got you back.

Too big to fail is as big a pile of horse shit as diversity is our strength.