Money

Originally Posted by Scrappah

It's fine ... i'll take another run at it.



First off: There's the question of what led us to this place. That's not an easy question to answer. If you asked a person left of center they might say it's debt spending on wars. If you asked a person right of center they would point the finger at debt spending on the social programs. ~ This will get us absolutely nowhere. ~

If you were to ask me i would say that our current economic problems are a direct result of irresponsible economic policy from the GWB administration. Alan Greenspan served with distinction as the chairman of the Federal Reserve across a goodly number of administrations both Dem & Rep. Something happened partway through his service under the GWB administration that caused him to step down.

One of the hallmarks of the GWB administration was it's secretive nature. At some point along the way the Federal Reserve declined to produce information on the M3. As i understand it ....the M1,M2, and M3 constitute a yearly report on the activity of The Fed and most importantly the amount of money that is being created & released into circulation.

It wasn't terribly long after that the Chinese government stopped buying our Treasury Bonds & Treasury Bills. My opinion is that they caught wind of the possibility that we might be hyper inflating our currency.

Secondly: This begs the question of why. I could offer any number of opinions. I don't like what they did, but had i been in the same situation i might have done the same thing myself. It's easy to armchair quarterback when you're not the guy in the hot seat. I'm satisfied to accept that they did the best that they were capable of at the time.

Maybe all of this isn't very important. What's in the past is in the past. That cannot be changed.

What we do have is the present and the situation at hand. What we've got is what we've got. It is what is. We have to move forward from there.

Does this make more sense ?

I am not a GW Bush fan, but, he was neither the creator or ender of the money problem. If GWB was bad, how does Obama rate as he has spent three times as much as GWB? Debt and spending and has been increasing exponentially for a long time (since the Federal Reserve was created). The real problem is that with a debt based currency, debt must continue to grow or the currency and structure of our economy will collapse. If only it was just GWB, we would have hope to repairing the currency. The only hope to repairing the debt problem is to destroy the current debt based currency system and reset to a new collateral based currency ( I doubt it will be a painless transition).