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Title: 1933 bank holiday Post by: David Rabahy on September 22, 2014, 05:52:20 PM http://www.newyorkfed.org/research/epr/09v15n1/0907silb.pdf documents an amazing thing back in 1933. People listen to President Roosevelt and actually went to make deposits after the bank holiday. Those days are gone, right? Nothing like that could happen again.
Can funding government operations via debasing the national currency as opposed to taxes, etc., actually be a sustainable approach? Is inflation *always* the consequence eventually? Title: Re: 1933 bank holiday Post by: QuestionAuthority on September 22, 2014, 06:39:20 PM http://www.newyorkfed.org/research/epr/09v15n1/0907silb.pdf documents an amazing thing back in 1933. People listen to President Roosevelt and actually went to make deposits after the bank holiday. Those days are gone, right? Nothing like that could happen again. Can funding government operations via debasing the national currency as opposed to taxes, etc., actually be a sustainable approach? Is inflation *always* the consequence eventually? No, that can't happen anymore because Americans no longer trust their president or respect their political system. Patriotism in the form that existed in the 1930s is gone. That should answer your second question also. Military, police and threats are controlling the people now. Fear of government reprisals (jail or fines) are all that's left and the IRS is a major fear point. Yes, price level inflation is a symptom of the decay of the American system. It's worst attribute is cost push inflation which happens continuously as employees demand higher incomes to keep up with price increases which causes greater inflation. You should really say something about Bitcoin or post these questions in politics or off topic. |