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STAFF NEWS & ANALYSIS
Negative Rates and Cash Bans: The Chaos Continues at Jackson Hole
By Daily Bell Staff - August 27, 2016

Negative rates should be integral part of central bank policy options … Central banks should make negative interest rates a fully integrated part of monetary policy in order to respond effectively to future recessions, according to an academic paper presented on Friday to some of the world’s top central bankers.  “It is only a matter of time before another cyclical downturn calls for aggressive negative nominal interest rate policy actions,” concludes Marvin Goodfriend, a professor of economics at Carnegie Mellon University and a former policy adviser at the Richmond Federal Reserve bank.  – Reuters

The Federal Reserve meeting at Jackson Hole has been covered by the mainstream media in ways that gave the impression that policy discussions were a kind of theoretical exercise.

Papers were presented on such issues as negative interest rates (see excerpt above) that emphasized an academic context. The idea that comes across is that those involved were earnestly striving to combat US economic dysfunction and current unnaturally low interest rates.

The larger issue here is one that we didn’t find written about: the assumption of the inherent right of policymakers to do what is “necessary” to make the US economy “healthier.”

The debate is certainly cast in theoretical terms but the results will inevitably involve the use of force.

The assumption is that involved in the “monetary debate” will come to a reasoned conclusion that society as a whole will be impelled to adopt. Those who do not wish to adopt such a solution – and who actively resist – may be prosecuted or jailed.

A few days ago, in a lead-up to the conference, the Wall Street Journal published a longish editorial by Dr. Kenneth Rogoff, the Thomas D. Cabot Professor of Public Policy at Harvard University.

Rogoff was also the former chief economist of the International Monetary Fund and the article was taken from an upcoming book, “The Curse of Cash,” to be published in September by Princeton University Press.

Here’s an excerpt:

Money fuels corruption, terrorism, tax evasion and illegal immigration—so the U.S. should get rid of the $100 bill and other large notes … When I tell people that I have been doing research on why the government should drastically scale back the circulation of cash—paper currency—the most common initial reaction is bewilderment. Why should anyone care about such a mundane topic?

But paper currency lies at the heart of some of today’s most intractable public-finance and monetary problems. Getting rid of most of it—that is, moving to a society where cash is used less frequently and mainly for small transactions—could be a big help.

There is little debate among law-enforcement agencies that paper currency, especially large notes such as the U.S. $100 bill, facilitates crime: racketeering, extortion, money laundering, drug and human trafficking, the corruption of public officials, not to mention terrorism

The necessity for this sort argument has to do with the inevitable results of the imposition of negative interest rates. Cash will have to become more difficult to obtain and use because people won’t want to pay banks for placing cash in savings accounts. They might instead wish to hold cash at home so they don’t have to pay a fee.

As stated, the larger issue here is one of compulsion – and its presentation within an academic context. The Wall Street Journal editorial, for instance, is part of a book that will shortly be issued. The discussion of negative interest rates in Jackson Hole was accompanied by a white paper produced by a professor of economics.

The underlying reality is that these astonishingly comprehensive solutions don’t provide a choice. Even negative interest can be seen not as a monetary/policy response but as a kind of tax. An article by Christopher J. Waller (here) characterizes low rates as nothing more than a disguised money grab:

Negative Interest Rates: A Tax in Sheep’s Clothing … A negative interest rate is just a tax on the banks’ reserves. The tax has to be borne by someone: The banks can choose not to pass it on and just have lower after-tax profits. This will depress the share price of banks and weaken their balance sheets by having lower equity values.

This is true – and is an outcome of the way the Fed works. Imposing rates via monopoly authority always constitutes a tax, though this is not something regularly discussed when it comes to Fed “policy.”

Generally speaking, mainstream media coverage wants to present monetary discussions in ways that emphasize its theoretical aspects. But the bottom line is that what’s being discussed is not going to end up as suggestions. Whatever is decided on will have the force of law.

And if we look beyond “theory” to reality, the outcome of these kinds of discussions is invariably bad. Central bank monetary mayhem is everywhere you look. The West – the world, really – is locked into a quasi-depression as a result of a century of failing policies and monetary manipulation.

In the US, Janet Yellen wants to pretend that a “recovery” is ongoing. But if so, it one that does without some 90 million potential workers who choose not to participate – either because they cannot or because they wish to participate outside of the formal economy.

We recently posted an article entitled “Is the Fed Being Torn Down in Order to Create a New, Powerful Global Entity?” (here). When one examines the behavior of the Fed, and of central banks generally, it’s hard to conclude that their real mission is the one presented to us.

Step back far enough to contemplate a century’s worth of results and the reality is clear: Central banks are supposed to destroy the economies they supposedly serve. Ironically, the destruction then provides the opportunity for them to expand.

Giving a small group of individuals the power to decide on the value and volume of money is a ludicrous concept from any standpoint. But he problem is abetted by the mainstream narrative that never discusses the underlying lack of logic.

And so we observe Jackson Hole, which is presented to us as a conclave of elite thinking but which is actually nothing more than high-brow propaganda for a system that has already failed and – as compensation for its failings – now contemplates even more radical “solutions” that will give rise to even worse problems.

Conclusion: The mechanism of central banking is purposeful ruin. The end-result of this ruin is global governance. In the short-term this goal is disguised by an academic patina. But the long-term goal, an increasingly apparent one, is a brutal restructuring of the lives of seven billion people to benefit a handful of elite controllers.

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  • Auden

    Noteworthy. Larry Summer’s in his 2/16/16 blog and Rogoff’s colleague stated:

    “The Mossavar-Rahmani Center for Business and Government at Harvard that I am privileged to direct has just issued an important paper by Senior Fellow Peter Sands and a group of student collaborators. Sands’ paper makes a compelling case for stopping the issuance of high denomination notes like the 500 euro note and 100 dollar bill or even withdrawing them from circulation.”

    “The fact that – as Sands points out — in certain circles the €500 is known as the “Bin Laden” confirms the arguments against it.”

    Cash is now equated with extremism. Need we say more?

    • AtlasAikido

      Superb points! Note there are those top down command controlling terrorcrats who fear “paper” ballots AND “ink” pens and people who prefer *freedom* from say the EU. Witness the BREXIT upset. They supplied pencils to the voters and did NOT expect nor conceive of the power of “ink” and “pen” and “ideas” in the hands of corralled individuals. The corallaries are endless and instructive.

      Connecting the dots: Cash is equated with freedom and freedom is extremism/chaos etc. Mises work on spontaneous order and methods of individuals is eloquently and simply presented by Mcelroy.

      Regarding BREXIT: the power of a pen on a “piece of paper” was evidently underestimated…(spontaneous order of individuals in remnant division of labor society). Methodological individualism still prevails. Despite the proverbial “stacked deck” the top downers were outplayed from the **Bottom Up**.

      Must have been a Compound “Conspiracy”? [Sarc Intended] See Wendy Mcelroy the Art of Freedom and or Mises.org etc..regarding the apparently stupifying (counter intuitive/inconvenient to some) phenomena. Once one understands this powerful idea there would be NO need nor shield/cover for the (Philosopher) kings and their men…One need only point to the Volte faces by politicians in recent history…i.e.The Sagra Model in Russia; a town took out a drug cartel on its own and nation state did a Volte-face: Fired 200,000 LEO’s.

      Need one say ink pens and paper ballots and ideas etc etc are now equated with freedom and therefore disobedience by those who “thrive” on “ignorance” of corralling, punishment and “incentive” paradigms? And so on…Witness the fear of the Internet, and the fear of the distribution of uncorralled ideas by the divide and conquer gate keepers (Intellectual Property Thicket)…

      Who would abide let alone need them if their soul destroying (cradle to death) corrupt propaganda incentives (carrot and stick) was seen thru by too many of the individuals of the unwashed ( not just narrow but big picture, and not only results but processes by the consumer And producer masses)?

      Witness BREXIT!! And how many have **successfully innovated** from the bottom up via freedom processes INSTEAD of growing the Intellectual Property Thicket boondoggle (destructive of division of labor society). See Daily Bell and their articles…

  • mary

    Excellent commentary, DB. Do you suppose that the catalyst for getting rid of the FED will be the abolition of cash? Once they get rid of cash, the next step seems to be to change the money from debt based to treasury or maybe even IMF issue with no backing. That way, they can side step deflation, which would destroy the banks. After that, worldwide Zimbabwe, here we come.

    • Thanks. There are plenty of possibilities. That could be one.

  • Laird

    Leaving aside the “true” purpose of central banks, the fact that the concept of government-imposed negative interest rates has reached the point of serious academic consideration (even recommendation), let alone actual implementation in Europe, conclusively demonstrates the utter intellectual (and moral) bankruptcy of mainstream economics. Three-plus generations of economists thoroughly inculcated in Keynesian idiocy has left the profession incapable of acknowledging the complete failure of their policies, or conceiving of any possible alternatives. So they are reduced to “doubling down” on their failed nostrums. They are nothing but shamans arguing over the proper interpretation of chicken entrails, and should have long ago forfeited any respect for, or deference to, their pronouncements.

    • mary

      Laird, I don’t think the economists believe their idiocy. I think they are providing the cover that their masters demand of them. Rogoff is one of the worst capos out there. Clearly “Goodfriend” (whose? not ours.) is right up there. They are probably given both the carrot and the stick to invent and promote their idiocy. They are cowards.

      Although I don’t know that I’d have the courage to say no, either. 🙁

    • Wrusssr

      Fed ‘policies’ aren’t failures. They know what they’re doing, IMO. Which is pulling a centuries-old revenue stream onto a siding so their moneyless express can pass by and eliminate ‘bank-runs’ and bank accounts and forklift bales of cumbersome Benjamin’s. Already on smart phones in parts of the world. Money with wires in it didn’t work. Central bankers and international corporations will trade in metals or a metals-backed currency(s). Ground goyim will trade with digichits and debit cards controlled by virtual shylocks somewhere in the cloud. Legendary numbers of weaponized key stroke wipeouts and instant bankruptcies loom. Individual financial choices and independence disappear. Don’t want medical insurance? Deducted regardless. Behind on child support? Goodbye bank cash. Can’t meet a loan? Debtor’s prisons on the way. Global payday lending writ large. How can we help? Rumors say there’s an Amazon-type BMA (black market app) with porn-level security under construction.

      Is this an exciting world or what?

    • Don Duncan

      Laird, if you assume the Fed is trying to stabilize the $ as they say, and serve us by regulation of the money supply, then they are “idiotic failures”. But why would you trust their stated goals? Look deeper. They are doing fine. Their masters are doing even better. Wealth is being transferred (stolen) and destroyed (always a consequence of theft). On net, the world economy suffers. But TPTB think short term. And that is their “idiocy”. That is their mistake. They are relying on all whom they exploit to overcome and keep the economy going. They are relying on us to keep producing so they can steal. They will keep it up until we “shrug”. So, in the final analysis, it’s we who are the ignorant idiots who keep producing for them. Why?

      • dauden

        Don, they don’t have to think long term because someone else is doing it for them. There is a spiritual unseen “power that be” who is directing history to his plan. And the “seen” power structure of this world are doing his bidding without knowing it because of their love of money. The Bible presents us with the story of history concluding with the destruction of all those who love this world more than the One who gave Himself for us by his death, burial and resurrection 2000 years ago (known as “the gospel”). You can resist trusting Him but this grace is offered to all men everywhere and it does have an end date. God is just and will pour out his justice when this dispensation of grace has ended and fulfilled prophecy begins again. In other words, God took out his anger on injustice at his Son on the cross and we are the benefactors of this grace. Once he removes us from this earth, his anger will resume upon those who refused salvation.

        • Don Duncan

          Translation: Don’t worry, be happy, God has a plan and it will all work out in the end?
          Good luck with that!
          Meanwhile, I’ll gather data, analyze it, and determine what I can do. I believe in self reliance, thinking, the power of ideas. I have never been superstitious, and at 74 I have seen how destructive superstition can be, so I’ll stick to “thinking long term”. Besides, I enjoy philosophy, especially economics, politics, and psychology. I consider theology a pseudo knowledge system, a short-circuit of the mind, worse than any mind-numbing drug.

          • dauden

            Translation: Worry and be frustrated, God has a plan but you think you can change it by gathering, analyzing and determining what you think your mind is capable of. Superstition is anti-biblical don’t you know. Thinking doesn’t change revelation. I personally love learning about philosophy, economics and politics but I’m not so proud and arrogant as to think I can know the future or put my hope and trust in myself when no man has ever defeated death or overcome disaster. God had a plan from the foundation of the world so that rich or poor, intelligent or ignorant, sick or healthy, bond or free could be delivered from the curse we all live under. Its not pseudo science. Its revelation that can be verified by studying which I dare say you have not done. Most people judge the Bible by clips of words that they hear about the book by someone else or by glancing at words out of context. If God told us to study his Word of Truth he means for us to search it out, just as you would when studying a philosophy or history book. “But
            without faith it is impossible to please him: for he that cometh to God
            must believe that he is, and that he is a rewarder of them that
            diligently seek him”. Heb 11:6-8 KJV

          • Don Duncan

            When the first man invented a tool and his neighbors didn’t he was better prepared to survive, i.e., avoid disaster. Since then people have been using their minds to improve on their tools (creating technology), analyzing, and thereby avoiding disaster. Nothing is written. I’m proud of all the times I have come up with solutions, sometimes in life/death situations. I had no written instructions or divine intervention. I had only my mind and my conviction that I alone was responsible for my life. I do not rely on the bible because I found it was not consistent, logical, or correct sometimes. It is the work of many men, over centuries to make sense of life. As such it is flawed. To think it is not, and it is perfect, always easy to understand, and correct, is mistaken. To insist, against all proof to the contrary, the bible is a short-cut to knowledge, is blind, arrogant faith. Revelation is a dream of instant knowledge. Knowledge comes from mental effort, even when it is in front of you, written, you need to make it a part of you by doing the mental work yourself, and integrating it into the context of your life. That is not easy, but it is the only way to learn. No one, or no magical entity can do it for you. You are alone.

  • alaska3636

    I have been thinking: Gravity causes a lot of friction. It is time to implement planetary policy to dial back the mass of Earth so we can stimulate the energy sector. Or, pull out universal policy and simply dial back the force of gravity to something more agreeable like 5.7 meters/second squared.

    • Bill Miller

      HUH?

  • robertsgt40

    The inherent problem with finance lies with those who control credit. That would be the moneychangers. Nothing new under the sun. It will always be corrupt under their control whether there is cash or not. Without cash, it makes their task easier. The noose is tightening on us either way.

  • Bolt Upright

    Liberals want your money. They’re going to get it. No matter what it takes.

  • What a thinly veiled fraud. The mechanism is a gigantic foreclosure, with the serfs money forced into electronic corrals where it can be confiscated. The controllers can seize it and have their way in setting up the plantations.

  • Praetor

    You have to laugh at these people, really, you do.

    What do they think, make all but a handful of humans miserable, make life not worth living, make it so, doing you’re self in is better than living.

    This not the 16th century. People will not go back to the land, they don’t know how. They will lash out at each other, then at those who are at fault.

    The so called elites will not survive. This system failed the day it was created, and we are in the final chapter. Prepare and survive!!!

    • Me Again

      …am prepared.
      Get gold.
      Get out of the city.
      Grow your own.
      For you guys its easy to get armed but not for us. Well with firearms for sure, but there are alternatives.

      • Praetor

        For you guys? Hmmm.

        Firearms are just for protection. To discourage the un-prepared from being foolish. Nothing more, nothing less. Can’t eat bullets, but bullets protect what you eat.

        As far as I can tell people ‘all over the world are arming-up’. Just cause they say something is illegal doesn’t make it so!!!

        • Me Again

          Yes, you guys. You have easy access to firearns, not easy here and utterly illegal.
          I will stay within the law until there is no law.
          Plenty of things yiu can do before crossing the Rubicon.

          • RJ O’Guillory

            …a powerful compact crossbow…a hatchet….tazer…

          • Me Again

            Mmm, I have a compound crossbow, but now you can get a recurve which has the same poundage -but easier to string. Buy half a dozen strings for it and your ok for a long while. I have pistol crossbows with laser sights for night visitors and ballistic scopes on both big crossbows.
            Add in a War Hammer, and a Poleaxe as well as the ubiquitous Daisho of Japanese swords with the complimentary tanto and I’m are as well prepped, without breaking the law, as is possible.
            When you write it down it seems…. a lot to liberal progressives. But I don’t think it is. Leave me alone and I won’t harm a fly. Step on my property without my permission and you better have a damned good reason. Invade my property and I have plenty of room in the back garden for ‘fertilizer’ sacks.

          • Steve

            There was law before there was humanity so as long as you live there will be Law. Humans are not capable of making Laws as human made “laws” are not laws at all. People can only make agreements because humans are co-equal peers with regard to the true laws of nature. Human made law is usually a declaration of aggression by those who choose to live as outlaws against the laws of cooperation. So hang out with those who honor their honorable agreements, and choose your neighbors carefully.

    • jackstrawCBE

      People will lash out when they have nothing to lose. Right now they have something even if this is a sham of asset value. So they wont fight yet. Also, when they strike out they will not know who to hit…politicians? left, right? bankers? foreigners? …etc etc…
      This all snuck up on them and you think they are capable of working out who did it??? Pleeeeez….
      The elites however will not survive. They are a big target if only for the cool stuff they have. Their protection will evaporate when the money system they use to pay their protection breaks down. At that point, their protectors will shoot them and run off with the goodies….

      None of it will be nice.
      We need to be in teams to survive. Loners wont make it.

      • dauden

        This all snuck up on them and you think they are capable of working out who did it??? You think the US president is a puppet of the power elite? Well the Bible –ever more current and accurate today–has it stated that the power elite are puppets of the god of this world! So, they may be incapable of working out the details of a new world order but Lucifer, who has been around since the beginning, knows what he is doing and will bring it about using these powerful, money loving individuals.

  • Aesop

    In Larry Summer’s Blog from 2/16/2016 , he states:

    “The fact that – as Sands points out — in certain circles the €500 is known as the “Bin Laden” confirms the arguments against it. Sands’ extensive analysis is totally convincing on the linkage between high denomination notes and crime.”

    People’s alleged safety is again being traded for liberty and privacy.

    http://larrysummers.com/2016/02/16/its-time-to-go-after-big-money/

  • Bill Miller

    it will be a entirely electronic system…THEN they can watch and manage EVERY transaction you complete. And you won`t be doing a tax return anymore….they will take your pay check and do it for you !

  • Steve

    I strongly agree with DB, and the purpose of those who steal through government is absolute power by ruining everyone else. Please people, conduct all your voluntary exchanges in a form divorced from all globalist/state fiat money. As a sovereign individual, one should use sovereign money: where ever possible: gold or silver. But if necessary, an appropriate and hopefully anonymous form of exchange such as some crypto-currencies can serve as a short term intermediary. But as a last resort, precisely that which they wish to forbid must be used against them: cash. Under no circumstances store your wealth as fiat money in a financial institution where it can be easily stolen. In past times an honest bank could protect your wealth from thieves. Now that the biggest thieves control the banks as well as the state, that is the one place you must not use to store your wealth!

    These globalist monetary plans are naked aggression against individual sovereignty. Whereas in the past those who controlled the state used currency debasement to covertly steal the accumulated wealth of individuals, now they have entered a new advanced stage. While the financial system directs accumulated wealth in the directions sanctioned by those who control the state, the negative interest rate seeks to destroy everyone else’s ability to direct wealth to any other destination. Their intent is to make war against the basic ability to enter into voluntary exchanges, and in so doing control not only what can be bought and sold, but eventually and ultimately, who can buy and sell.

    It is absolutely imperative that individuals learn now how to preserve and store wealth in forms immune from these criminal’s systems of plunder. Otherwise our freedoms along with our wealth will be extinguished. When evil reveals its plans, it also makes clear its weaknesses. If there is to be a free civilization in the the future then individuals must make the conscious choices now to exploit the weaknesses that the wicked seek to conceal.

    • mary

      Agreed. But what forms of wealth? Seems they have it all covered…

      • rahrog

        The best way to store wealth is with precious metals. I like silver because of the small denominations that can be easily had (good for transactions). Other than precious metals that you physically hold, farm land is an excellent choice to preserve wealth.

    • dauden

      Steve, you make a compelling point, even one that we continually hear at TDB. However, my mind hears from a Book written centuries ago that states they will eventually get their global society where there will indeed be restrictions on buying and selling without the mark! Are we to be attempting to circumvent a prophecy from a Book that has accurately predicted hundreds of fulfilled prophecies? Maybe slow them down but it appears to me the timing of future events is in the Hands of the One who knows the beginning from the end! The true narrative of directed history is found in the KJBible, particularly in this dispensation the words written in the Apostle Paul’s books, Romans thru Philemon. There is a bigger narrative going on than just proposing we fight to hold on to our liberty. True freedom from the bondage of sin, which brought death and destruction into the world, is trusting the gospel of Christ — that He died for our sins, was buried and rose again according to the Scriptures. The law has been replaced by “….grace through faith, not of works lest any man should boast”, Ephesians 2:8-9 KJV. The “new age” that Christ has revealed to us through Paul will indeed be one of eternal liberty and peace!

      • Steve

        I have caution about any source that resides within man’s domain. The words in their present form are a result of a mas-murdering emperor named Constantine, who in the 4th century, engineered a state religion and then proceeded to murder those who would not follow his scam: he killed the Gnostics and the Ebionites. To me this is a cause for suspicion of anything that his religion permitted to survive.

        In fact if you wish to follow the great teacher from the Levant, I would recommend you seek out earlier texts as they existed before this corruption, and those texts that have been unearthed that were secreted away to avoid destruction by Constantine’s Church: (texts prior to the Council of Nicaea). Maybe you could write your own scriptures using the same spiritual source that those who wrote the originals were writing from? Is it possible that what you expect to happen in your physical world is actually to happen in the same domain that the kingdom that you seek is stated to exist? And where did your teacher tell you your kingdom was? (Luke 17:21). If the kingdom you seek is “within you” then why would you expect the battle for freedom to take place “lo here” or “lo there” in this world?

        We are able to change the world through our choices. Some choose evil, and some choose good. We make mistakes and we can learn from them, but the Sun continues to rise for the “just” and the “unjust”. If we all came from the same source, will we not all return home when we have learned our lessons? How long are you willing to wait for your brother to graduate, or are you in a hurry?

        • dauden

          Steve, you are simply wrong about the Bible. The Intelligent designer of the universe inspired men to write it. And, you have quoted verses that do not apply to me because I am not a Hebrew living during those times. In fact, the words of Matthew thru John do not apply to anyone in this age because we are not under the law and we are not waiting for a kingdom or promises given to our forefathers. Studying Roman’s thru Philemon (13 books by Paul) are the doctrine for the church today. We know this by “rightly dividing the words of truth” found in 2 Tim 2:15 KJV. I am continually learning about the world I live in but I have trusted Christ’s finished work on the cross to receive the gift of eternal life. It is by His grace and I am happy to receive it!

          • Steve

            Sorry, I do not choose to sanction theft, fraud, and murder because I choose life and do not choose to promote death. You are free to choose death, and then assert that the same laws of nature do not apply to you under your particular circumstances. This is one way for you to justify yourself, and I suppose under your calculus you are a special person who will not suffer the consequences of violation of law that you claim immunity too. Good luck with that! You are free to do so!

            But that is not how nature’s law works. The only law that is “done away” is the “law” made by man to defraud their fellow man, not the laws of nature. There is a vast difference.

            If you think you can choose theft, fraud, and physical aggression and think that somehow you will not sow misery, suffering, and death because you have some kind of magical exemption since your man-made Jesus god did all the suffering for you, then you must also choose to ignore the direct instructions of the one you call “Jesus” as well as the wales of misery you cause your brothers as you choose to violate their life liberty and property! You conclude you have some special rights due to your special status?

            If you cannot understand the innate injustice of imposing your will against another person (that’s what violation of some of these natural laws is), then you also fail to understand where you came from, and ultimately where you must return to. The misery you inflict will in “time” return to “you”. What you told me, is that what you tell your victims as you impose your will against them? That your Jesus god makes everything alright and they have no right to complain?

            Yes, you are a special person with special authority, because the liars and the murderers that created your religion said so! And one should always trust lairs, thieves, and murderers, and not your inner voice that condemns you … right?! Yes, you are free to ignore reality, but you are not free to ignore the consequences of reality. Live and learn my brother. You might make a great Preacher or Politician, but I hope you can understand why I might not want to live any place near you….

  • GeorgiaBrown

    So, Steve, where are we to get gold and silver enough to serve the rest of our lives, or as long as there are central banks? And what’s going to happen when I walk into a grocery store with “gold” that isn’t coins?
    Seriously, where’s the practicality?

    • Steve

      Why use a grocery store? It may be time to cultivate some voluntarist minded friends who know how to grow quality food. I would not trust a grocery store and I would not trust anyone who thinks it is a good idea to support the mafia. If you can offer something of value to someone you can trust, then they can offer what you value. It is what human beings do! Learn to properly and naturally enrich the soil, and don’t forget the minerals – rock dust is an excellent slow release fertilizer. Growing your own is much better than a grocery store anyway. Good soil and good neighbors, that seems like the smart move to me. There is a whole lot of gold and silver out there if you need to accumulate it. But make good friends now while you still can.

  • 200 Years Together

    Wow, strange nothing has changed in this country in the past 80 years. We keep electing “new” and “intelligent” people to hold office, but nothing seems to change. I wonder why that is… It is as if some other institution is in control.

  • alohajim

    Great summary and conclusion. Thanks DB. The PhD standard, along with all of the ‘experts’, ‘leaders’ and ‘authorities’ of every stripe are losing credibility at a rapid pace. The talking heads of government, academia, and the media have been reduced to caricatures in a bad cartoon. The lies are getting so bold and ridiculously stupid that even those with great faith in all of our leaders, systems, and institutions must be beginning to harbor some doubts.

    The US government wages wars against poverty, drugs, terrorism, raw milk, food gardens, and more than a few sovereign nations to name a very few. How about, we the citizens declare and wage war against Government Stupidity? Let’s call out and identify all of the crooked people on government, academic and media payrolls creating insanely stupid policies, regulations, taxes, and laws, all designed to legally steal our assets and labor with the use of force.

  • rbblum

    Such a point of view posted by The Daily Bell should be posted on the Board of Governors of The Federal Reserve FACEBOOK page @
    https://www.facebook.com/search/top/?q=board%20of%20governors%20of%20the%20federal%20reserve%20system

    Perhaps an official representative of the Federal Reserve will answer such a post.

    Freedom and education are a lifelong endeavor.
    Let Freedom Ring . . . for the people / Martina McBride
    https://www.youtube.com/watch?v=4VPpAZ9_qAw

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