Originally Posted By: sinij
Quote:
Our monetary policy is centrally planned.


If you want to get anywhere with your argument you need to drop your right-wing innuendo.

Responding to "Our monetary policy is controlled by the FED".

Monetary policy is only one aspect of our economy. FED is not all-reaching, all controlling entity. Plus, there is no workable alternative (gold standard is not it) to having a monetary policy. There always will be some control, regardless to what this policy is.

Responding to "QE3":
I agree that QE3 is risky move that is not immediately beneficial to US public, but this is a reality of a currency war with China. US is doing equivalent of "all in", with China economy already overheating and starting to fall apart directly as a consequence of trying to match US moves.

"Do nothing" alternative is to continue losing jobs, wealth and economic growth to China that artificially pegged its currency to US dollar.

I'd explain this in detail, but this is too much effortposting and is unlikely to be understood by many/any posters here.

In closing - QE3 is only partially has to do with US economy and keeping borrowing costs down, it has a lot more to do with intentionally devaluing US currency to stay competitive in the global market. I don't expect "there to be communists" 80-year-old Cold War-mentality Ron Paul to understand such nuances. I respect him as a man of principle, but both his agenda and inflammatory presentation are flat out wrong in this situation.


You should honestly go look up the meaning of central planning... and all the various types of central planning. Quit artificially invoking partisan connotations to commonly used descriptive terms. What you said about monetary policy and the necessity of *some* central planning of monetary policy is subject to wide debate. The fact that the Fed *is a* central planning body is not.

I am not going to start misusing terms, or twist myself in knots looking for alternative word usage simply because being accurate sets off your liberal dog-whistle effect.

You re-iterate (and why I cannot fathom... ) that the Fed is not an all-controlling entity for the economy. Which is correct. Perhaps, though some monumental effort to misunderstand and misconstrue that I cannot fathom... you are somehow thinking that I am trying to say that the entire economy is centrally planned. So I will say again, just in case you somehow got to that point against all logic.... the Fed is one aspect of central planning that exists in a mixed economy.

As for the "currency wars" I am quite familiar with that aspect. I am more than a little surprised that you are.

For who could be free when every other man's humour might domineer over him? - John Locke (2nd Treatise, sect 57)