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  Don't neglect monetary policy

  Ultimate responsibility resides in the Federal Reserve, which has pursued a reckless course of loose monetary policy for many years.  To speak of "little inflation" ignores the fact that any inflation at all is a debasement of the dollar, and the cumulative effect of the Fed's political accommodation in recent years has been to impose a silent tax upon small savers and to award a silent subsidy to speculators -- speculators who, because of the effect of US tax policies, were able to place big bets with Other People's Money.  By encouraging conspicuous consumption and discouraging thrift, the Fed has not only rewarded profligate greed but has also notably contributed to our environmental degradation.

  Enviros need to focus more on the Money Power, what it is, how it operates, and who operates it, because the Money Power is a major influence in determining Americans' economic behavior.On The financial crisis, how we got here, and who knows what to do about it posted 1 year, 1 month ago 6 Responses