[extropy-chat] Redistribution of wealth

[Kevin Freels]

I like this. Has anyone proposed that the Brits may have already anticipated
this and figured they would bring us down with them on purpose?

----- Original Message ----- 
From: "Mike Lorrey" <mlorrey at yahoo.com>
To: "ExI chat list" <extropy-chat at lists.extropy.org>
Sent: Wednesday, September 29, 2004 8:32 AM
Subject: Re: [extropy-chat] Redistribution of wealth


>
> --- Trend Ologist <trendologist at yahoo.co.uk> wrote:
>
> > So what alternatives could Hoover have chosen after
> > '29 to avoid Keynesianism? What could Hoover and FDR
> > have done for free-market agriculture?
> > Incidentally, I'm one of the city peasants you refer
> > to. However by being miserly I've got almost enough to
> > purchase an urban dwelling. But doing so would merely
> > make one into a lumpen prole who pays property taxes
> > to fund public schools, correct?
>
> You already pay property taxes, indirectly, by paying rent (part of
> which pays the owners property tax bill).
>
> Hoover would not have needed to do anything if he had instead suspended
> the Federal Reserve Act, preferably as early as 1927. What really
> happened was that England had been instituting its welfare state in the
> 1920's, and the tax demands had forced them into over-issuing their
> currency, debasing it, while simultaneously keeping its value tacked to
> the dollar at an improper rate. The British gold and silver stocks were
> drained by consumerism buying US products. Finally, the Brits took
> themselves off the gold standard, their currency collapsed, and they
> begged us to extend them credit to get their house in order. We did,
> but they didn't get their situation straightened out, they just kept
> spending, until US credit markets were maxed out and loans started
> getting called in. Investors needed to liquidate their holdings to pay
> back loans that were called in, and stock prices collapsed.
>
> If we had not extended the Brits credit under the reserve act, they
> would have still collapsed, but not as badly, and we would not have had
> the great depression, because our own credit markets would have survived.
>
> =====
> Mike Lorrey
> Chairman, Free Town Land Development
> "Necessity is the plea for every infringement of human freedom.
> It is the argument of tyrants; it is the creed of slaves."
>                                          -William Pitt (1759-1806)
> Blog: http://www.xanga.com/home.aspx?user=Sadomikeyism
>
>
>
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