Thursday, February 11, 2010

Penguin Post

Our guest poster for today is BadBux, the armchair economist. Let him dazzle you with his brilliance.

Um, people are effing stupid. When I say people, I mean everyone but me. No one else has read as much history as me, so no one else's conclusions are as valid as mine. If you disagree with me, it means you are denying reality.
Fractional reserve banking is the greatest thing since sliced bread. Creating money out of thin air is an honest business pursuit, and it's what made this country great. Why, if we had to save money first before we loaned it, this country would still be in the stone age. Only the morally depraved at heart would call fractional reserve banking a ponzi scheme.
But the pinnacle of financial achievement in the U.S. is the Federal Reserve Bank. Until the Fed was created, this country was pushing donkey carts down rutted footpaths. We've had solid prosperity since the Fed, except for 1929-1946, 1950-1953, 1959-1961, 1968-1970, 1980-1982, 1984-1987, 1990-1992, 2001-2003, and of course, the current very mild depression. Since our government granted the privately-owned Fed a monopoly on counterfeiting expanding the money supply, everyone has become rich. Remember, even if a $20 gold coin now costs $1200, inflation is a good thing. By "priming the pump", we keep our thriving economy rockin' and rollin'.

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