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News Link • Economy - Economics USA

The Big Mogambo Financial Supernova (TBMFS)

• http://www.lewrockwell.com, By Richard Daughty
As usual, they were not impressed with a loving father (me) taking some of his precious time to kindly explain that, around HERE anyway, it’s because I went to school, got a job, spend less than I make, and save the rest by not indulging the random, selfish whims of a bunch of free-loading, lowlife, teenage morons.
They were even LESS impressed when I told them that the national problem of inequality of income is because the evil Federal Reserve created (and still creates!) so much excess cash and credit, which naturally ended up in the hands of those able to amass it by continually borrowing money from the banks and buying a flood of government bonds, which dictates that the rich get all their money back, plus interest.
This was greeted with the usual teenage groaning and moaning, which I succinctly paraphrase as “Oh, no! Not that Same Old Mogambo Crap (SOMC) about the Federal Reserve, and how it is evil for creating too much cash and credit so that it ends up creating price inflation, like the inflation in the wealth of rich people, and inflation in the price of food and energy, and the inflation in the misery of poor people, and blah blah blah until we are sick of it, so shut up, you horrible, stingy old man! We hate your guts so much that we can’t even begin to tell you how much we hate you!”
 

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