The Down Range Forum
Member Section => Down Range Cafe => Topic started by: runstowin on July 20, 2009, 06:24:25 PM
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This is not an endorsement for a book I have not read.
Everything Barack Obama, the Federal Reserve, and Congress are doing was predicted in startling detail almost two decades ago by a famous Nobel Prize-winning economist.
His name was Milton Friedman.
Though he passed away in 2006, in his prophetic book, Friedman showed how, facing massive deficits, the U.S. government would dramatically increase the money supply; why foreign countries would stop buying our debt; how the Fed would start buying our Treasury bills; and why this would call cause massive inflation.
He even predicted that our officials would claim inflation was no problem at all.
Amazingly all of this is coming to pass!
Make no mistake about it — the Obama administration is embracing massive inflationary deficit spending.
In just 100 days, Barrack Obama has more than doubled the U.S. money supply . . . committed the government to at least $7 trillion in new spending . . . and warned the American people to expect trillion-dollar deficits for the foreseeable future.
While the media has been falling over itself to praise Obama's "bold initiatives," the question no one has been asking is, "Where is all of this money coming from?"
Decades ago, Milton Friedman answered these questions clearly and precisely in his insightful — and very topical — book, Money Mischief: Episodes in Monetary History.
In Money Mischief, Friedman even warned that the coming inflation could "destroy" our country.
Here's what he wrote: "Inflation is a disease, a dangerous and sometimes fatal disease that, if not checked in time, can destroy a society." (Money Mischief, Page 191)
You see the end result of that process in countries like Zimbabwe today, where prices double every day, and it now takes a $10 billion Zimbabwe note to buy a single loaf of bread - assuming you can find one.
https://www.newsmaxstore.com/nm_mag/free_mischief.cfm?s=al&promo_code=83A3-1
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Remember the interest rates on a mortgage in the late 70's?
It's gonna happen again at this pace.
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Remember the interest rates on a mortgage in the late 70's?
It's gonna happen again at this pace.
I'm counting on that. I have been surprised that we didn't hit big inflation 5 years ago...but I misjudged the effect of world economies and the ability we had to con foreign nations into giving us stuff for dollars. I remember the old guys where I worked in the middle 80's....they had these huge houses and $300 or so mortgages....that stuck with me. You can make out if you have a job and can get some fixed mortgage/loan money at the beginning of a steep inflationary period...like now.
You know, those fancy $100 plus tennis shoes...cost about a buck and a half a few years ago...those people putting them together want their kids to have fancy tennis shoes and clothes too...and what do they get...dollar$. I'm betting the price of tennis are up and going up and the price over here will fall if it hasn't already. As the price of imports goes up, we should see some additional jobs open up over here....provided there is money to put into financing new business. I'm just hanging around for this incredible economic miracle to take hold...it's behind schedule, over budget and has blown pass the barriers of unemployment we were promised.
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Remember the interest rates on a mortgage in the late 70's?
It's gonna happen again at this pace.
I bought a house in 1978, had an interest rate of 10.5%. Thank you, Jimmy Carter.
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I bought a house in 1978, had an interest rate of 10.5%. Thank you, Jimmy Carter.
Eeewwww...yuck. I was talking about the loans of 10 to 15 years before that.