Ten Years Later—Did QE Work? – The Big Picture

Thursday, May 16, 2019

Altogether, the empirical studies of recent years suggest that large-scale asset purchases can affect real economic outcomes via a bank lending channel. Like an interest rate cut in a conventional monetary policy setting, QE can lead to additional bank lending, which in turn translates into additional economic activity.

Source: Ten Years Later—Did QE Work? – The Big Picture

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It overlooks: (1) increased moral hazard; (2) bailed out Wall Street at the expense of Main Street; and (3) kills the retirement savings of retirees and soon to be retirees.

The only answer is to END THE FED!

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GOVEROTRAGEOUS: “Political Capitalism” is the death of “Market Capitalism”

Thursday, May 16, 2019

https://tomwoods.com/ep-1403-the-origins-and-evils-of-crony-capitalism/

I heard a great podcast episode that really cleared away some fog in my understanding of “what’s wrong with the USA”!

The guest, Randall Holcombe, made the point that we no longer live under the system of “Market Capitalism”, but under a NEW system of “Political Capitalism”.

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Political capitalism is an economic and political system in which the economic and political elite cooperate for their mutual benefit. The economic elite influence the government’s economic policies to use regulation, government spending, and the design of the tax system to maintain their elite status in the economy. The political elite are then supported by the economic elite which helps the political elite maintain their status; an exchange relationship that benefits both the political and economic elite.

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He translated Karl Marx’s “oppression of classes” into “those with political influence oppress those without it”.  Occupy Wall Street’s “the 1% oppress the 99%”.

It makes perfect sense as an explanation of how things are now working.

  • Argue against smoking but then giving tax subsidies to tobacco farmers.
  • Decry obesity but give “parity payments” to sugar producers.
  • Ethanol in gas means a payoff to farmers and raises food prices.
  • Bailouts of the “fat cat Wall Streeters” as opposed to the people being foreclosed on.

And on, and on, and on!

I didn’t hear a lot of solutions except for: (1) strongly objecting to anyone seeking “transfers from the public to the privileged individuals; and (2) opposition to every extension of Gooferment into every day life.

Argh!

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Eight Questions for Russia Hoaxers to Answer After End of Mueller Probe | Breitbart

Thursday, May 16, 2019

2 – Were Obama administration officials involved in passing dossier charges of questionable political origin to the FBI or bolstering Steele’s credibility to the bureau?David Kramer, a long-time adviser to late Senator John McCain, revealed in testimony that he met with two Obama administration officials to inquire about whether the anti-Trump dossier authored by former British spy Christopher Steele was being taken seriously.In a deposition on Dec. 13, 2017 that was recently posted online, Kramer said that McCain specifically asked him in early December 2016 to meet about the dossier with Victoria Nuland, a senior official in John Kerry’s State Department, as well as an official from the National Security Council.Nuland’s specific role in the dossier episode has been the subject of some controversy for her.

Source: Eight Questions for Russia Hoaxers to Answer After End of Mueller Probe | Breitbart

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Another great question?

What was McCain’s role in getting even with DJT45?

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