The only plank remaining under notable discussion from either national convention platform of 2012 is the GOP platform’s call for a national monetary commission.
I have finally had a chance to read in full the unsigned report by the European Central Bank that I mentioned earlier this week. The report is quite impressive. The report clearly states the advantages of Bitcoins versus current credit/debit cards:
Many policymakers and experts on the economy in the United States and abroad have recently highlighted the benefits of gold-based monetary policy, and governments have increased their own gold holdings in recent years.
Prof. Steve H. Hanke, Professor of Applied Economics at the Johns Hopkins University believes that Iran is facing hyperinflation, with a monthly inflation rate of nearly 70% per month and its national currency, rial, has lost its value against the U.S. dollar dramatically.
Allison is nothing if not an expert on banking and finance, and having witnessed up close the 2008 financial crack-up that rendered so much of his competition insolvent, he’s written an essential book on the causes of a financial crisis that he unapologetically concludes was born by government error.
The hyperbolic trend increase in the quantity of money is a reflection of this necessity, implying that if the Fed’s money issuance is at a slower rate than required, then strains will appear in the financial system. There are a number of reasons behind this monetary acceleration, not least the need to perpetuate bubbles in securities markets, but there are three major underlying problems.
One of the latent issues of the 2012 presidential race is a referendum on the Bernanke Fed. If Romney is in, Bernanke is out.
As I noted not long ago, I find myself in serious disagreement with a portion of the end-the-Fed movement. This is the segment of the movement whose complaints are that the Federal Reserve is “privately owned,” that the Fed does not inflate enough, that interest payments are unjust or inherently unpayable all at once, etc.
Journalists, politicians and economists all seem to agree that the biggest economic issue currently worrying voters is unemployment. It follows then that most believe that the deciding factor in the presidential race will be the ability of each candidate to convince the public that his policies will create jobs. It seems that everyone got this memo...except the voters.