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05/23/2010

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Stunning site,Thanks for the analysis.

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I'm a follower of Friedman on this issue, but you make good points, and I could live with your suggestions.

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ye, It is not true suffering ennobles the character; happiness does that sometimes, but suffering, for the most part, makes men petty and vindictive.

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supposed to prevent governments from inflating the money supply, and in other ways creating monetary mischief. Yet the analogy between central banks and the judiciary is incomplete and not perfect. If the Supreme Court gives an unpopular opinion, such as its recent decision on the unconstitutionality of bans on spending by corporations during elections, that does not directly reflect on the governing policies of the President or Congress. Indeed, President Obama has openly criticized the opinion and clearly expressed his opposition. On the other hand, when central bank policies help create inflation or unemployment, the

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Hanke argued the case for fixed exchange rates based upon a rule. But, even though this post makes a good case for our current Fed system but more rule-based and standardized and subject to audits, I agree with Judy Shelton who said let's all go back to gold.

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nearly my lament as well, though I focus more on ALL of the wage gains of that era having gone to the top 10%. But you could look at it that prices are too high as in terms of what wages are paid. For many things, especially medical care, prescription drugs, on down to cell phones and cable TV we pay far more than those of other nations.

But! the Fed does not set prices and you'd have a tough, tough job making a case for prices being high due to "too many dollars chasing too few products" as the most of the world is and has been suffering from over capacity -- under utilization of production facilities.

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An analogy is often drawn between an independent judiciary and an independent central bank. Just as an independent judiciary often prevents legislatures and heads of governments from abusing their power to formulate and interpret laws, so an independent central bank is supposed to prevent governments from inflating the money supply, and in other ways creating monetary mischief. Yet the analogy between central banks and the judiciary is incomplete and not perfect. If the Supreme Court gives an unpopular opinion, such as its recent decision on the unconstitutionality of bans on spending by corporations during elections, that does not directly reflect on the governing policies of the President or Congress. Indeed, President Obama has openly criticized the opinion and clearly expressed his opposition. On the other hand, when central bank policies help create inflation or unemployment, the governing party will be blamed because the electorate cannot distinguish the effects of central bank behavior from the effects of presidential and legislative decisions.

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