-Caveat Lector-
In a message dated 10/16/99 12:56:49 PM Eastern Daylight Time, [EMAIL PROTECTED]
writes:
> Schauf and the Coalition argue this would be an "interest-free" form of
> currency. However, there is no functional difference between U.S. Notes
and
> the Federal Reserve notes we now use. Neither impose a net interest burden
> on the Treasury. The key difference between the two currencies is who
> controls the issuance. The publicly-appointed Board of Governors now
> controls the emissions of Federal ReserveNotes and can make monetary policy
> decisions largely independent of political pressure.
The idea that the monetary policy is free of political pressure is patently
absurd on the face of it. The FED Chairman routinely makes decisions based
on political expediency and pressure, viz his raising and lowering of
interest rates to abate inflation or spur the economy.
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"The most merciful thing in the world, I think, is the inability of the human
mind to correlate all its contents.
We live on a placid island of ignorance in the midst of seas of infinity,
and it is not meant that we should
voyage far. The sciences, each straining in its own direction, have
hitherto harmed us little; but someday
the piecing together of dissociated knowledge will open up such terrifying
vistas of reality, and of our
frightful position therein, that we shall either go mad from the revelation
or flee from the deadly light into the
peace and safety of a new dark age." H.P.Lovecraft; "The Call of Cthulhu"
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