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The End of the Fed as We Know It

The Federal Reserve threw up its hands and officially "exhausted its most fundamental tool for managing the economy," as the Washington Post puts it. The central bank cut its benchmark interest rate to as low as zero and announced that it would aggressively move to implement new programs to fight the recession. The Fed went further than many expected and cut its target for the overnight federal funds rate from 1 percent to a range of zero percent to 0.25 percent. The Wall Street Journal also points out that the discount rate, which is the interest rate that banks have to pay on loans they receive from the Fed, will drop to half a percentage point, "a level last seen in the 1940s." What does this mean? "For the foreseeable future, interest rates are nearly meaningless as a tool of economic policy," the Los Angeles Times bluntly states. The New York Times and LAT both say the announcements mean that the Fed has now officially entered a new era.

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The Fed chairman have fed us the monetarist view quantity theory non-sense for decades they claim that inflation is caused by expanding the money supply and growth and therefore claim they are attempting to balance growth and inflation by regulating interest rates and therefore regulating growth.

Big problem with that theory is economics 101 says that inflation is caused by too many dollars chasing too few goods well if you reduce credit and reduce goods then you should create inflation not reduce or reverse it what the Fed is really doing is using a smoke screen control to the U.S. economy in favor of the interests of private bankers often with  foreign interests.

The reason the credit inflation model appears to work is that our paper money system is dependent on perception. The Fed pumps cheap money into the economy and everyone gets on a debt high, demand increases and prices increase.  We get an artificial speculative boom.  Perception by Wall street, main street, and foreign interests etc. determine factors of inflation, devaluation, production, demand,
in a complex interplay of credit, supply, demand, perception, exchange rate, trade balances, current events both foreign and domestic and a multitude of factors far outside the control of changing interest rates and money supply.

We really need to return to a savings based, inflation free, low tax, supply and demand driven stable or fixed money supply system. Does anyone really think all of a sudden there is 3 times as much oil? Perhaps there is a temporary glut but the volatility of the prices was caused by a combination of speculation, war, increased demand etc.

In modern times money and credit is life or death for billions we no longer have subsistence or barter economies and we no longer have money pegged to hard value items such as gold or silver. We can't allow the fate of the entire planet earth whether we live, die, eat, work have clothing or shelter, go to foreign war, or engage in civil war and violence determined by a mysterious self-destructive crackhead wizard of OZ.

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