[ExI] How slow is capitalism?

[Jones Murphy]

If you think banking stability and control of the money supply is bad
post-Fed, take a look at what happened pre-fed when random banks
issued their own currencies. And contrast the general level of
development in countries with central banks like the Fed, versus those
with no central banks or ineffective ones where there is no currency
and no regulation of financial institutions.

The Fed has done a lot that I disagree with. But those bad things are
very much a cumulative expression of the will of the American people
over the last half century or so, which has been to concentrate wealth
to an all time high degree, and crush upward mobility in response to
liberal social changes which threatened to erode America's historical
social hierarchy. This backlash is why an Ayn Rand disciple,
Greenspan, ascended to head the Fed and proceeded to sit back and
cheer as the US went from a typical Western wealth distribution to a
typical South American one, and upward mobility which was one the
greatest in the world is now worse than any in the West and dropping
fast. Still, the Fed does a lot of useful things, like its
counterparts in the strongest and stabilest economies on earth. And
you might want to ask yourself why even after what you perceive as 100
yrs of Fed incompetence, the US dollar remains by far and away the
currency of choice for well over 80% of international trade.

On Fri, Apr 29, 2011 at 9:00 AM, Rafal Smigrodzki
<rafal.smigrodzki at gmail.com> wrote:
> On Thu, Apr 28, 2011 at 11:53 PM, Jones Murphy
> <morphy at alumni.caltech.edu> wrote:
>> You are welcome to go to live at the level of human development which
>> existed when the Fed started. Once again, all you need to do is to
>> move to a cabin in the wilderness, or to move to many undeveloped
>> countries, where you will be free of Fed abuse and have money which
>> will never deteriorate in value. Enjoy.
>
> ### Are you saying the Fed contributed to the development over the
> last 100 years? Why would you think so?
>
> Rafal
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