{"id":49383,"date":"2019-11-02T16:12:01","date_gmt":"2019-11-02T21:12:01","guid":{"rendered":"https:\/\/olduvai.ca\/?p=49383"},"modified":"2019-11-02T16:12:03","modified_gmt":"2019-11-02T21:12:03","slug":"the-federal-reserve-is-a-barbarous-relic","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=49383","title":{"rendered":"The Federal Reserve is a Barbarous Relic"},"content":{"rendered":"\n

The Federal Reserve is a Barbarous Relic<\/a><\/h3>\n\n\n\n

The Sky is Falling<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

The man from the good place. \u201cAs I was going up the stair, I met a man who wasn\u2019t there. He wasn\u2019t there again today, Oh how I wish he\u2019d go away!\u201d <\/em>[PT]<\/p>\n\n\n\n

Ptolemy I Soter, in his history of the wars of Alexander the Great, related an episode from Alexander\u2019s 334 BC compact with the Celts \u2018who dwelt by the Ionian Gulf.\u2019  According to Ptolemy\u2019s account, which survives via quote by Arrian of Nicomedia some 450 years later, when Alexander asked the Celtic envoys what they feared most, they answered<\/a>:<\/p>\n\n\n\n

Today, at the risk of being called Chicken Little, we tug on a thread that weaves back to the ancient Celts.  Our message is grave: The sky is falling.  Though the implications are still unclear.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Various Celts \u2013 left: fearsome warriors; middle: fearsome warriors afraid of the sky falling on their heads; right: Cernunnos, fearsome Celtic horned god amid his collection of skulls. [PT]<\/p>\n\n\n\n

The sky, for our purposes, is the debt based dollar reserve standard that has been in place for the past 48 years. If you recall, on August 15, 1971, President Nixon \u201ctemporarily\u201d suspended convertibility of the dollar into gold.  The dollar  became wholly the fiat money of the Treasury.<\/p>\n\n\n\n

At the G-10 Rome meeting held in late-1971, Treasury Secretary John Connally reduced the new dollar reserve standard to a bite-sized nugget for his European finance minister counterparts, stating:<\/p>\n\n\n\n

\"\"
The Nixon-Connally tag team in the White House. [PT]<\/figcaption><\/figure><\/div>\n\n\n\n

Predictably, without the restraint of gold, the quantity of debt based money has increased seemingly without limits \u2013 and it is everyone\u2019s massive problem.  What\u2019s more, over the past 30 years the Federal Reserve has obliged Washington with cheaper and cheaper credit.<\/p>\n\n\n\n

 \u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

The Federal Reserve is a Barbarous Relic The Sky is Falling The man from the good place. \u201cAs I was going up the stair, I met a man who wasn\u2019t there. He wasn\u2019t there again today, Oh how I wish he\u2019d go away!\u201d [PT] Ptolemy I Soter, in his history of the wars of Alexander the Great, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[5728,16888,11763,534,3650],"class_list":["post-49383","post","type-post","status-publish","format-standard","hentry","category-economics","tag-acting-man","tag-jerome-powell","tag-mn-gordon","tag-monetary-policy","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/49383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=49383"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/49383\/revisions"}],"predecessor-version":[{"id":49384,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/49383\/revisions\/49384"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}