“When one is barely scraping by, or worse, falling farther and farther behind because of debts, the world can become a dark place.
For those in the connected crony world and for those who live in the financialized world (the two are largely one and the same), the current economy looks pretty good. For those on the outs? Not so good.”
(From The Economic Collapse Blog)
In essence, Wall Street is being showered by “welfare money” from the Federal Reserve, and nobody is holding the Fed accountable.
At the same time, tens of millions of American families are working low paying jobs and are just barely getting by from month to month.
Why Richard Duke makes posts that give unfavorable positions about the economy and the monetary (debt) system.
Chapter 13 of the book: The Ethics of Money Production: The Cultural and Spiritual Legacy of Fiat Inflation
PLEASE AT LEAST LOOK THROUGH THE TITLES OF THE PREVIOUS POSTS (THAT I WILL ADD TO FROM TIME-TO-TIME) THAT SUPPORTS MY STUDIES OF AUSTRIAN ECONOMICS AND THE BIBLE FOR MANY YEARS.
Thornton begins with an important discussion of money creation and Richard Cantillon, writing: “… Richard Cantillon (1680s-1734?) [was] the first economic theorist and proto-Austrian economist …[he] showed how the interest rate and the money supply can create changes and distortions in the economy, a phenomenon now referred to as “Cantillon effects.”
Monetary inflation is affected by who gets the money and credit first and who gets it last. As fiat money is created by central banks, private banks are in a position to expand the amount of loans they make. The wealthy have established relationships with the banks, and they have the real estate and assets to provide collateral for the loans. Large, established companies and wealthy individuals are in favorable positions relative to small businesses and people with low or average incomes. The loans allow big companies and wealthy individuals to invest in capital goods during the boom phase of the business cycle. Central banks thereby create artificial inequality and poverty. This is the primary Cantillon effect of redistributing wealth.”
Thornton shows that the biggest winners come from the Federal Reserve and the bank system’s creation of newly created currency and credit are the U.S. Government, its large contractors, such as weapons manufacturers, big banks, and Wall Street. The losers are also revealed: the labor class consisting of private-sector workers, those on pensions or fixed incomes.
Review by Richard Duke on the Mises Institute website of the book: The Skyscraper Curse: And How Austrian Economists Predicted Every Major Economic Crisis of the Last Century by Dr. Mark Thornton
New Testament contains 215 verses pertaining to faith; 218 pertaining to salvation; and 2,084 dealing with money matters