<blockquote>-
Germany Says Fed Is Headed ‘Wrong Way’ With Monetary Easing October 23, 2010
- Mish:
German Finance Minister Accuses US of Currency Manipulation October 24, 2010
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Blinder Says Fed ‘Making It Up’ With New Stimulus: Tom Keene October 22, 2010
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US would be wise to adjust its thinking soon October 22 2010
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Hoenig Says Excessive Liquidity Can Lead to ‘Very Bad Outcomes’ October 22, 2010
'Cantillon showed why bimetallism would create shortages of money, and warned against the use of paper money and national banks.<a href="[
mises.org];[50]</a> He also saw the problems of general banks of a public and private nature such as the South Sea Company, the Bank of England, and the yet-to-exist Federal Reserve System. He closed his
Essai with an indictment of John Law and his system, which serves as a warning that continues to be important (and unheeded) to this day:
<blockquote> It is then undoubted that a Bank with the complicity of a Minister is able to raise and support the price of public stock and to lower the rate of interest in the State at the pleasure of this Minister when the steps are taken discreetly, and thus payoff the State debt. But these refinements which open the door to making large fortunes are rarely carried out for the sole advantage of the State, and those who take part in them are generally corrupted. The excess banknotes, made and issued on these occasions, do not upset the circulation, because being used for the buying and selling of stock they do not serve for household expenses and are not changed into silver. But if some panic or unforeseen crisis drove the holders to demand silver from the Bank the bomb would burst and it would be seen that these are dangerous operations.<a href="[
mises.org];[51]</a>'</blockquote>
- Mark Thornton,
Biography of Richard Cantillon (1680-1734)</blockquote>
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China Hides Rampant Inflation in Money Binge: Patrick Chovanec October 19, 2010
- Mish:
Massive Inflation in China, US Inflation Nonexistent October 24, 2010</blockquote>