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Get Out Your Wheelbarrows!
Tom Chartier
Lew Rockwell.com
Friday, Nov 28, 2008
One doesn’t need to read beyond the first sentence of a front-page article from the November 26th edition of the New York Times to see more absurdist logic rearing its ugly head.
What pray tell could be the next act in the weekly soap titled The State’s Biggest Boners? Once again, they have a grand scheme to help us. Here it is straight from the horse head’s mouth, the New York Times: “The Federal Reserve and the Treasury announced $800 billion in new lending programs on Tuesday, sending a message that they would print as much money as needed to revive the nation’s crippled banking system.”
Yee ha! Hyperinflation here we come! Little short on spending cash? Print some more! Why didn’t I think of that? Maybe I should have taken out a loan and sprung for the Uber Gut Reich Mark color printer capable of running off thousands of undetectable funny money bills in an afternoon. But then I don’t need to bother. The Federal Reserve and Treasury are going to do that for me. How kind and thoughtful.
Are these people, for lack of a better term… stupid? Never mind. The question is rhetorical.
I’m ready and willing to admit I am no economist. On the other hand, I actually paid attention in history class. I did not buy the answers to the test questions either. Let’s look back to the days of the Weimar Republic in Germany after WW I. It seems times were tough, jobs hard to find and the economy a mess. Sound familiar? So, how did they “fix” it? They printed money until they couldn’t afford more paper. And surprise, surprise… it didn’t work! Inflation ran amuck and the prices of basic necessities skyrocketed. Hence, the need for wheelbarrows to lug all their funny money to the market so they could buy a loaf of bread… if they could find one that cheap.
(ARTICLE CONTINUES BELOW)
Friends, Americans, countrymen, here’s a real simple common sense unalterable rule of money. The more money the State prints, the less it is worth.
The actual value of your socks, cheeseburgers, ramshackle hovels and gas-guzzling Hummer H3s will remain exactly the same. However, the price tag will go shooting way up. It’s just like the dump we bought in Los Angeles for $130K and sold a few years later for $450K. It was still a dump worth $130K… if that! And soon our profits will be worth about $10K
The net result after the Feds “help you out” by printing more money is simple. You still will not be able to afford anything! In fact, since you will soon have to buy a wheelbarrow you will be worse off than if they did nothing. And that is exactly what they should do. Nothing.
How about that $800 billion? Well… if it’s printed money is it really worth $800 billion? No of course not. It’s worth no more than the paper it’s printed on, to use an ancient phrase. There’s nothing to back it up, no gold reserves, no booming industries, no nothin’. Were the plan to borrow $800 billion that would be bad enough, since borrowing more money means selling off more of America’s future to China and shackling future generations with heavy tax plans which only pay off the interest. That would be a bit like cousin Doofus and his charming wife Dodie, their maxed out credit card collection and McMansion with it’s too good to be true ARM. Oh wait… I forgot. The bank foreclosed on the McMansion.
Doofus and Dodie now live in Orange County’s Tent City in Southern California. Wait a minute… I’m wrong. One must be a resident of the city of Ontario to be homeless in Tent City. Talk about absurdist logic! I haven’t a clue where Doofus and Dodie are now.
Or maybe the plan has some sort of twisted logic behind it. Let’s see, how about we totally destroy the value of the US dollar by printing money up the wazoo. Then, we won’t have to pay off those Chinese loans! Or at least what we do pay back is a drop in the bucket. Hey that’s pure genius! What’s that? China is calling in its monstrous loans? Sure fine. A trillion US dollars can’t buy a two-door Daihatsu sedan!
So why stop at a measly $800 billion? How about $3 trillion? Isn’t that what Joseph E. Stiglitz and Linda J. Bilmes predict the war in Iraq will cost in the long run? Why stop there? Let’s run off $100 trillion, $200 trillion or $500 trillion. Since none of it’s real the sky’s the limit!
But I seriously doubt this is a wise move.
So then, how do we get out of the real crisis after the country is flooded with worthless Republic Credits? Hey I got an idea! Start a war! Kick ass! It worked for Nazi Germany… Uh well… maybe that’s a bad example. Hm… let me see if I can concoct a better one.
Hang on! We did start a war! Two of them in fact. How could I forget? I guess Iraq and Afghanistan aren’t the crowd pleasers they once were. But there’s a problem. These fun-filled military adventures have not resulted in a “booming” economy back on the ranch. Aye Carumba! Something must be awry. Where did all that money go? It certainly did not find its way back into the pockets of the people. Oh well. Easy come easy go. I guess it’s all lost in the desert, vanishing with the sands of time and disappearing into the mattresses of Halliburton, KBR, Blackwater and a collection of shyster war profiteers.
Maybe it would be better to leave well enough alone. The times will be tough for a lot of people. But the economy will iron itself out naturally someday. With the State doing something stupid to fix it, the problem will only get worse. And printing $800 billion is about as stupid as stupid can be.
Well Uncle Scam, I have a favor to ask. Please don’t try to help. Your track record has not been good.
Prison
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18 Responses to “Get Out Your Wheelbarrows!”
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November 28th, 2008 at 5:35 am
To obvious, It’s all a game, they know what they are doing. It has been done before, in other countries, and now its happening in this one. Sell the sheep the reasons for why these things are happening, and it makes the blame game all that much easier. These treasonous criminals are playing a game with all those who are willing to play it, Get rid of the monopoly moneys, we dont need the federal reserve, we never did. Lets get back to common sense and freedom!
November 28th, 2008 at 7:57 am
It’s all b.s.
A scam.
Paper money does NOT have to be backed up with anything but goods or services. That’s how trading works. The PROBLEM is that everyone wants something for nothing (credit). They could print paper money until hell freezes over and it does not have to be worth any less. They make it that way on purpose to keep us slaves. They ALLOW everyone to get “credit” to keep them slaves! It’s really stupid actually.
The whole darned world is living above their means, like a bunch of trailer trash. And then blaming someone else.
Not having the “gold standard” is not the problem. Printing money isn’t the problem. It’s too much credit. Period.
November 28th, 2008 at 9:49 am
Don’t forget about fractional reserve lending…800 billion could easily compound to be 5 times that—-conservatively.
November 28th, 2008 at 10:12 am
earthmother
please watch Money As Debt.
http://video.google.com/videop.....2583451279
Think of it as a coupon with which you can purchase a CLUE….
November 28th, 2008 at 2:27 pm
“The whole darned world is living above their means, like a bunch of trailer trash. And then blaming someone else.”
Hey now, what’s this we shit? I just paid off my last bit of debt and have nothing but the usual monthly bills…*knock knock knock*
Oh fuck the police are here! Apparantly I’m under arrest for not being the average retarded American.
And people wonder why I live in a place where I can easily go total subsistance and get along just fine. Enjoy starving in those big cities when everything collapses!
November 28th, 2008 at 4:46 pm
UNDERSTANDING HOW MUCH MONEY 800 BILLION REALLY IS:
A terrific program on the History Channel is called “How the Earth Was Made”. All scientist agree that the earth is 4.5 Billion years old. When the scientist discuss 2 or 3 billion years from today they call that “deep time”! This is difficult for humans to grasp, because so much has happened in that amount of time. Dinosaurs became extinct just 65 million years ago. The city of New York was under 1 mile of glacer ice just 12 thousand years ago. So much has happened to our earth in just 1 billion years it boggles the mind. What I’m getting at here is since “Dubya” increase our national debt to nearly 13 Trillion dollars in the red the bottom line is “we’re fucked”. Anyway watch that program you’ll see what I mean.
November 28th, 2008 at 5:12 pm
#9 TOGSolid,
Trailer Trash are about the only folks not living above their means, thus the trailer. If everyone would live like Trailer Trash; 20 year old shit box car (low amount of personal debt thus lower blood pressure and physcially healthier), Spam and beans for supper (once again keeping costs down and thus keeping personal dept down to managable amount), make your own meth as opposed to supporting CIA cocaine cowboys (total cheap shot on that one), small house (trailer) that doesn’t use much heat (not reliant on foreign oil so no need for wars) next to the freeway (convienant location thus easy access to job or bottle and can depository. . . .that one was low too), bury what little money you have in the back yard in a gunny-sack (Protect against run on the banks and bank failures.) Seems to me that the Trailer Trash are the true rightious Americans.
November 28th, 2008 at 10:26 pm
In response to trailer trash. Buying a small motor home is just the right idea. When things in your area get to bad just move.
November 29th, 2008 at 7:16 am
I hear one of the hottest selling items this season is a PVC pipe storage container with caps that seal at both ends–better than gunny-sacks for burying your money in the back yard, dontcha know! ;o}
November 29th, 2008 at 1:47 pm
mountainaires, that better be one HUGE backyard! And all those Burybucks will be worth WHAT, exactly, when they change the currency?
November 29th, 2008 at 6:39 pm
cool, i am trailer crash so love the compliments. however, us dumb blondes doo have some concerns about our government. what pray tell after too many martinis is rex 84, operation red sky, strangedaystrangeskies, fema camps usa ipto operation gandalf, operation blue beam, chariot haarp weatherwars usaf document force multiplier owning the weather by 2025. oh darn, bad hair day trying to figure this out. what was nazi germany the heck about and why operation paperclip? is the north american union with canada and mexico ok and does it affect our shopping rights.? gotta go pack for fema camp so see you there. luv the clueless blonde………………..
November 30th, 2008 at 8:50 am
Seems that GREED is the problem. The majority want MORE and the politicians who supply money are trying to oblige them by supplying MORE money. Indeed, this is a consumption society – - not a productive society.
November 30th, 2008 at 11:57 am
The second American Revolution only needs organized to be here. American’s are
becoming dissatisfied. Give Obama 6 months of failure, and the masses will be ready for change by peaceful force. Who will lead change? We need a strong leader to challege
the establishment and bring life to a new Republic. This may mean dollar backed gold standard, balanced gov. budgets, new industrial base, new leaders in gov., and a bankruptcy
of America to cleanup the balance sheet.
November 30th, 2008 at 1:36 pm
It’s hard ta’ be first-class when yer’ white trash, roach-class all the way!!!
-D. Abbot
November 30th, 2008 at 2:32 pm
Florida Coast …. you’re all around the answers in terms of intent and application, but slightly missing on the structural issue.
You said : “Who will lead change? We need a strong leader to challege
the establishment and bring life to a new Republic. This may mean dollar backed gold standard, balanced gov. budgets, new industrial base, new leaders in gov., and a bankruptcy
of America to cleanup the balance sheet.”
We need to lead ourselves. Hierarchical structure is part of our historical problem. We’ve been supply driven since the “apple was shoved in our faces”. The top-down stuff has to go in place of bottom-up power, which is now feasible , thanks to the information age. You cannot pour new wine into old wineskins.
As for the gold issue, I’m a gold bug. I’ve studied money systems, theology and the U.S. struggle with monetary issues since the U.S. independence. Gold is great, but a gold based system will not come about based on any top-down legislation. We’re all following “the script” and a gold trading system is not the responsibility of the establishment. It has to be bottom-up and market driven , based on demand…… and it has to be done in real-time. The problem with all historic gold systems was not the gold. It was the inability to distribute gold from A-B, quickly and efficiently and the inability to split gold into tiny pieces so one could “buy a stick of gum”. In short, the problem was simply liquidity. Enter the real time paradigm and the marriage of gold with the information age to bring us the advent of 100% gold backed digital currency.
Are you aware that 100% gold backed currency calculates all accounts in weight ? It is only precious metal weight (allocated title) that gets transferred from account to account. The role of currency is simply as a real-time measuring tool for the sake of pricing more than anything. The measurment tool of currency (such as dollars or yen, to establish the amount of weight to be sent) is simply a convenience since we don’t price things in precious metal weight at the moment. Currency and gold can compete and coexist. Which do do you think will win out ?
Pegged gold meant “more currency means more gold” and as we all know, gold is a finite resource. This is why the gold window was closed in 1971. It wasn’t gold that didn’t work. It was the peg that didn’t work. The dollar’s peg had to be severed so that gold and dollars could be “remarried” at some point in the future. The future is here !
Real-time gold valuation allows for real market fundamentals to take proper shape, as long as the gold market is free to reflect these in it’s price. That is coming about. Real time gold requires no more gold, only a higher price to reflect demand. as long as the higher priced gold can be split into tiny pieces. Using real time digital calculations, the ole boys can create all the garbage fiat they want if people have a safe port where they have a store of value married to instant liquidity.
Recap of gold backed digital currency : global , seamless, instantly liquid, store of value, no debt on the gold (the sweat of the brow already paid for that)
Need I say more ?
Want the really great news ? We don’t have a system design problem in making a transaition to gold. The models are already there and functioning. We have , only, a marketing problem !!! This is a market issue, not a political one. Feel better ???
The market place is the first secular model. When we “first bit”, it was based on an economic gesture and the economic model was hence forged as being hierarchical. all other models followed suit, including politics, religion and education. The economic models is primary in setting the example. We ate before we went to church or to school or to the voting booth. This is what Genesis teaches us. Order ! We need to go back to the economic model to create a “rounder world”. The other secular models will follow suit.
We are here to create a balance in the POWER EQUATION between supply and demand.
Guess where the evil resides ? Some will say in the supply side of the equation. some will say the demand side. How do you blame a set of scale for being out of balance ? Do you blame one side or the other ? The evil resides in the imbalance.
November 30th, 2008 at 5:49 pm
@Dan ( #20 ),
Nice selling point. I have to disagree, however, in the implementation and the use of the technology side ( EG: Using Gold weights and parts as “Electronic money” ). The problem is where is the management and control of such a system and the accounting practices come in? One would need to set up a standard of exchange and establish it as an acceptable standard ( by acceptable I mean to be willingly embraced by all market participants ). This creates several areas of trust issues!
Who would be the one or ones to manage and keep operational such a system along ethical lines? Who would oversee that ethical trading practices are the norm and not merely the exception? How much would the transactions cost the average consumer/participant? Where would the checks and balances be placed to ensure the integrity of the system? Could such a system guarantee fairness and equity to ALL participants with a minimum of overhead? Doesn’t this sound like we would have a “monopolized” system of trade, much like we have now? How do we protect the integrity of the system from would-be criminal “crackers” and technologically-inclined scam artists?
I am not much for requiring “digital accounts” in order to conduct trade. If I can not trust the integrity of the system, nor of its handlers, then I can not blindly place my faith and trust in a system that some of its processes are hidden from me.
I think the better solution would be to return to barter as the primary means of trade, and a true-valued currency for those cases where barter would be impractical ( like some forms of foreign trade and certain online escrows ). We need to get away from a monopolized trade system and go back to where We, the People held the money and not the robber-barons of banking and finance! President John F. Kennedy had the right idea of a start with Executive Order 11110. However, this act of office was one of the contributing factors to his untimely death as this would have put the FEDERAL RESERVE on notice that they were about to be made obsolete!
As for the FED in what it does routinely, during a ‘market crisis’, they just print more worthless paper which only adds to the market woes! This kind of ‘financing’ was the hallmark of the banking families for many centuries in many lands; create credit to indebt the public, then devalue the currency and start calling in all the debts ( massive repossessions ), and control ALL OF THE REAL PROPERTY AND THE PEOPLE THEMSELVES!!!
I WILL NOT SUPPORT *** ANY *** SYSTEM OF MONEY, TRADE, OR CREDIT as a solution when it appears to be only a different flavor of the same thing we have now! Poison is poison, whether it be DECON, ROUNDUP, or just plain Arsenic! The one and only solution is to go back to a money that the People hold and can control. I like the idea of localized “currency”, but it needs to maintain authentic integrity rather than the appearance of ‘integrity’ for it to be fully trusted. We CAN revert to Gold, Silver, Barter, and Trade as a viable economy. We CAN go back to earning our worth in the market(s). We CAN go back to being rewarded by our own success from the fruits of our own labor! We CAN go back to COMMON LAW instead of EQUITY LAW! Those who claim we can not go back to what REALLY WORKED are either chronic, pathological liars, or have absolutely no clue of the history of trade in the human culture.
-JSSmith
December 1st, 2008 at 10:42 am
You would think that some of the folks in Washington had studied history. If they did, then surely they failed, or they have a very short attention span. Printing more and more money has never been a solution for any government, every, in all of history.
December 1st, 2008 at 1:28 pm
yep right on the money -problem is the people with the wheelbarrows voted in the nazis – so what awful isms await us around this hyperinflationary corner?