News

“Beginning in the late 1990s, the Fed’s scope drifted to include ‘smoothing out’ business cycles. This was a mistake, since business cycles serve a healthy function by transferring the assets and employees of poorly run companies to more capable management. Even worse, the Fed’s actions often exacerbated business cycles by creating transitions that create boom-bust-bailout cycles instead.”

The 2024 presidential primaries have never been in much doubt, but Vivek Ramaswamy emerged from his presidential campaign poised for the future. In part, Ramaswamy distinguished himself with his criticism of the Federal Reserve. For most of the election cycle, scarcely a word has been said about the Fed by other 2024 presidential candidates. It is therefore worth reviewing what Ramaswamy had to say about monetary policy during his campaign.

As Jonathan Newman noted, Ramaswamy’s principal proposal was a stable price level for the dollar. Ramaswamy promoted this idea throughout his campaign, but our focus will be an article by Ramaswamy in the Wall Street Journal that presents his case in greater detail. Ramaswamy writes:

Beginning in the late 1990s, the Fed’s scope drifted to include “smoothing out” business cycles. This was a mistake, since business cycles serve a healthy function by transferring the assets and employees of poorly run companies to more capable management. Even worse, the Fed’s actions often exacerbated business cycles by creating transitions that create boom-bust-bailout cycles instead.

It is more accurate to say that once the business cycle is set in motion by credit expansion, the recession is a necessary correction, but it is preferable to refrain from credit expansion to begin with. Ramaswamy seems to grasp that any additional government intervention to prevent or delay the liquidation of malinvestments from the preceding boom will only aggravate and perpetuate the depression. Crucially, however, Ramaswamy’s stabilization policy would cause, not prevent, such an inflationary boom.

The natural tendency of the unhampered market economy is toward capital accumulation and increased productivity. Consequently, prices tend to fall, making monetary inflation necessary in order to achieve a stable price level. The effect of monetary inflation to offset the increase in productivity and to stabilize the price level is still to push interest rates below the rate that would have prevailed on the market and distort the structure of production.

A popular fallacy at the heart of this doctrine asserts that such inflation is justified because falling prices decrease profitable investment opportunities, but profits don’t depend on the general price level. Lower prices due to increased productivity are also reflected in lower prices for factors of production, and entrepreneurs profit from the differential between the selling price of a good and its cost of production.

Although really intending to show that a stable price level is conducive to prosperity, Ramaswamy provides powerful ammunition against the theory of a stable price level by citing the 1920s as a historical example:

During the only stable dollar eras of the last century, annual GDP growth averaged 4.9% in 1922–29, 4% in 1948–71, and 3.7% in 1983–2000. The volatile dollar from 2000 to 2022 saw average growth of a paltry 1.9%. Had the dollar remained stable since 2000, with an enduring 3.7% growth, the economy would be nearly 50% greater than it is today, and we would have avoided multiple financial crises along the way.

To demonstrate that the 1920s was an unsustainable inflationary boom that led to the stock market crash, we will review the development of the boom. All information and quotes about the subject hereafter are taken from Murray Rothbard’s groundbreaking book America’s Great Depression.

Contemporaneous with the beginning of the boom was the first inflationary push as open market purchases tripled the Fed’s stock of United States government securities between November 1921 and June 1922. When the rate of inflation slowed, the US experienced minor recessions in 1923 and 1926 until a larger inflationary surge in 1924 and the heaviest burst of inflation in 1927.

The final phase of inflation concluded around December 1928, and business activity was on the decline by July 1929, marking the end of the boom. Stock prices, which had risen by about 20 percent in the latter halves of 1927 and 1928, culminated in the stock market crash in October 1929. During these eight years, the Fed kept rediscount rates below the market, and there was a 63 percent increase in the money supply not covered by an increase in gold.

However, Ramaswamy is correct to associate the 1920s boom with his proposal for a stable price level. In 1927, Benjamin Strong, governor of the Federal Reserve Bank of New York, confirmed that the Federal Reserve System had been directed toward the use of open market operations and other devices to stabilize the price level as much as possible since 1921. Rothbard summarizes: “We may conclude that the Federal Reserve authorities, in promulgating their inflationary policies, . . . were also guided—or rather misguided—by the fashionable economic theory of a stable price level as the goal of monetary manipulation.”

It may be useful to contrast the 1920s with the 1880s, when the US economy had the highest rate of growth of any decade. Reflecting economic expectations, prices fell, with the US economy growing at its fastest rate in history. Also congruent with the natural course of the market, capital investment led to a corresponding increase in real wages. At the time, the US had just adopted the classical gold standard following the resumption of specie payments in 1879 and had been without a central bank since 1836.

At this point, we may consider the implications of the semantic change of inflation from an increase in the quantity of money to rising prices. The continued failure to identify the 1920s as an inflationary boom is one such consequence of this semantic change. Rothbard explains:

The designation of the 1920s as an inflationary boom may trouble those who think of inflation as a rise in prices. Prices generally remained stable and even fell slightly over the period. But we must realize that two great forces were at work on prices during the 1920s—the monetary inflation which propelled prices upward and the increase in productivity which lowered costs and prices. In a purely free-market society, increasing productivity will increase the supply of goods and lower costs and prices, spreading the fruits of a higher standard of living to all consumers. But this tendency was offset by the monetary inflation which served to stabilize prices.

Just as stabilizationists conclude that there is no inflation based on a stable price level, the Fed can determine that there’s no inflationary threat as long as price inflation remains around their 2 percent target. In this way, the semantic change has helped facilitate monetary policy.

Elsewhere, Ramaswamy refers to the Federal Open Market Committee as a dozen central planners. Notably, Ron DeSantis, who has also since ended his campaign, echoed Ramaswamy by endorsing a stable price level with a similar conflicting message: “The Fed should focus on stable prices. They are not an economic central planner for the American people.” However, the manipulation of the price level and the management of the currency by the central bank is a particularly destructive form of central planning. It is thus not surprising that the stable money movement led by economist Irving Fisher in the early part of the twentieth century was supported by progressives and socialists.

By 1921, Fisher had established the Stable Money League, and supporters would eventually include Norman Thomas, perennial presidential candidate of the Socialist Party, and Samuel Gompers, president of the American Federation of Labor. John Maynard Keynes was another influential economist to propose a stabilized price level in his book A Tract on Monetary Reform, published in 1923.

Ramaswamy concludes by saying the Fed “should refocus to avoid repeating its past mistakes.” However, as the original sin of the Great Depression, the Fed’s policy of a stable price level in the 1920s must rank among its greatest mistakes.

The unprecedented expansion and measures by the Fed in the wake of the coronavirus panic ensures that monetary policy will once again assume greater urgency in the public mind. Better answers will be required than the stable price level, which differs from the current Fed policy only in degree. Both policies are inherently inflationary with a target price level set by the Fed. It might be an objection that a stable price level would be less inflationary than the Fed’s target of 2 percent price inflation. However, the emphasis on a stable price level can be more insidious because it can further mask an inflationary threat, especially to its exponents. J. M. Keynes hailed “the successful management of the dollar by the Federal Reserve Board from 1923 to 1928” as a “triumph” for currency management and continued his praise several years into the depression. Likewise, Fisher infamously stated that stock prices looked to have reached a permanently high plateau nine days before the crash.

What’s needed is a paradigm change away from the notion of monetary policy, which accepts a monetary system dictated by the central bank and politicians. Only the Austrian School framework and a return to the historic definition of inflation can offer a causal explanation of business cycles and solutions to our monetary issues.

---

Economist Warns Rollout Of The Mark Of The Beast Being Prepared By Central Bank

---

Two weeks ago, the U.S. embassy in Russia warned that “extremists” had imminent plans for an attack in Moscow.

At least 133 people have been reported killed of which only 50 have been identified and over 145 injured after camouflaged gunmen opened fire on concert goers in the massive music complex Crocus City Hall west of Moscow.

In October 2023, Amir Weitmann, a prominent member of Israel’s ruling Likud Party went off the rails as Weitmann claimed that “Russia will pay the price” for its alleged support of Hamas and other proxies. And apparently the U.S. Intelligence apparatus had foreknowledge.

Two weeks ago, the U.S. embassy in Russia warned that “extremists” had imminent plans for an attack in Moscow. The warning was issued several hours after the FSB said it had intervened an attack on a Russian synagogue by a terrorist cell of Sunni Muslims of the Islamic State.

A captured trembling hireling said he flew to Turkey on March 4th after he was contacted on Telegram and offered a bag of shiny rupees worth $5000 USD to murder innocent Russians. Some of the psycho rupee Telegram crew remained trapped inside with their victims. Others attempted to high tail it back to Ukraine where they came from.

At least three, and one claiming to be the leader, appear to be Ukrainian or of -stan land origin. Adding to the chaos, ISIS has claimed responsibility. Was it yet another “willful decision” from the O’Biden Administration? The strange events behind this massacre will definitely play out as the ball rolls into NATO’s hands and the true players surface.

---

Convoy of MAGA supporters held protest outside venue hosting TDS-suffering comedian.

Fired-up MAGA supporters protested a Kathy Griffin comedy show in Long Island, New York, on Sunday, mocking the anti-Donald Trump comic over an unhinged publicity stunt years ago where she took photos holding a bloody decapitated Trump head.

A convoy of Pro-Trumpers held a parade outside the Paramount in Huntington ahead of Griffin’s appearance, honking their horns as they drove past the venue, with their vehicles adorned with Trump flags.

One man atop a “Trump 2024” truck sporting a decal of Joe Biden bound and gagged in the cab of his pickup held up a banner reading, “Hang all traitors,” alongside a mannequin head wearing a red wig meant to depict Griffin.

One of the vehicles was also decorated to look like a presidential motorcade complete with the presidential seal.

FreedomNews.TV captured the moment an unhinged Griffin fan tried and failed to pull a Trump flag off a truck as it drove by.

“We’re protesting Kathy Griffin at the Paramount Theater tonight over here in Huntington, Long Island,” one of the protesters told FreedomNews. “As far as I know, it wasn’t sold out. There was plenty of tickets still available, and we’re just showing our support for President Trump.”

On Sunday, Griffin shared an invitation calling on people to join the protest, and highlighted a video filmed by one of the protest organizers showing off his mock decapitated Griffin head.

She also posted footage of the protest on X Monday, referring to the protesters as “cult member lunatics.”

The protest was in reference to an ill-thought-out photo shoot Griffin took part in in 2017 in which she posed for photos holding a bloody, decapitated head made in the likeness of the 45th US president.

Just hours after receiving massive backlash, including from CNN where she used to appear annually for the network’s New Year’s Eve broadcasts, she issued a (now-deleted) tweet saying she “crossed the line” and “went way too far,” before going on to threaten legal action against Trump, saying he “broke me.”

---

The globalists are increasing their attacks on Infowars and the stakes have never been higher!

Please consider donating and visit InfowarsStore.com for merch, nutraceuticals and survival gear.

---

Follow the author on X, Facebook, Gab, Minds, Truth Social and Gettr.

---

---

Far-left Rep. Alexandria Ocasio-Cortez lashed out at the top Democrat strategist’s comments, of course.

Top Democratic strategist James Carville lamented Sunday that “preachy females” have taken control over his party.

In an interview with New York Times opinion columnist Maureen Dowd, Carville expressed his concern that the culture of the Democratic Party risks alienating groups of Biden supporters, namely males.

“A suspicion of mine is that there are too many preachy females …‘Don’t drink beer, don’t watch football, don’t eat hamburgers, this is not good for you,’” he said. “The message is too feminine: ‘Everything you’re doing is destroying the planet. You’ve got to eat your peas.’”

In @nytopinion

James Carville recoils at Biden’s polls — but he hasn’t soured on the president. “He’s a tenacious guy that’s had a real life,” he tells @maureendowd. “He doesn’t have an iota of elitism. He doesn’t even know what ‘woke’ is.” https://t.co/sXLGAW8PjB

— The New York Times (@nytimes) March 24, 2024

Carville, who served as a former strategist for Bill Clinton’s 1992 presidential campaign, went on to argue that the maternalistic culture that now permeates the Democratic Party is ignoring male voters.

“If you listen to Democratic elites — NPR is my go-to place for that — the whole talk is about how women, and women of color, are going to decide this election. I’m like: ‘Well, 48 percent of the people that vote are males. Do you mind if they have some consideration?” Carville said.

The cultural shift by women is also driving “woke” attitudes underpinning the Democratic Party’s political agenda, he said.

“Who ever thought it was a good idea to tell people you can’t hug them or you’ve got to be careful or you’ve got to think about names to call them other than the name you know them by?” Carville asked, before mentioning that “There’s nothing wrong with me being white or you being white or them being Black or me being male or you being female.”

“It’s a giant, stupid argument,” he added.

As for Biden’s low polling numbers, Carville quipped, “When I look at these polling numbers, it’s like walking in on your grandma naked. You can’t get the image out of your mind.”

But despite that, Carville said he “actually likes Biden.”

“He’s a tenacious guy that’s had a real life. He’s a state school guy. He doesn’t have an iota of elitism. He doesn’t even know what ‘woke’ is. He’s been demonstrably the best president that Black America’s ever had, Clinton and Obama included,” he said. “You look at incomes, employment, poverty rates, access to health care. It’s not where whites are, but it’s closer than it’s ever been.”

Predictably, Carville’s remark was lambasted by Rep. Alexandria Ocasio-Cortez (D-N.Y.), one of the preachy members of the far-left “Squad.”

“Maybe he should start a podcast about it. I hear men are really underrepresented in that space,” she sniped on X.

Maybe he should start a podcast about it. I hear men are really underrepresented in that space https://t.co/XJDzqoiKFt

— Alexandria Ocasio-Cortez (@AOC) March 24, 2024

I’m just surprised James Carville didn’t ask us if we are all on our period…

— Jess Piper (@piper4missouri) March 25, 2024

Too many preachy conservative men are dominating the culture of the Democratic Party, which helps Republicans harm women.

Imagine trying to defend the Democratic Party by silencing the women carrying it.

James Carville needs to STFU. https://t.co/2LYtz69zvF

— Melanie D’Arrigo (@DarrigoMelanie) March 25, 2024

Looks like Carville won’t be a guest of The View anytime soon…

.@ChelseaClinton, author of more than 30 ‘She Persisted’ chapter books, shares why she starts her books exploring each iconic woman’s childhood, saying it “makes it really relatable because many didn’t have straight lines to extraordinary achievements.” https://t.co/cVclFZQmjA pic.twitter.com/kz9YmRN5JW

— The View (@TheView) March 22, 2024

---

Follow Jamie White on X | Truth | Gab | Gettr | Minds

‘In the end, the bill only passed the Republican-controlled House with the support of Democrats, fueling a growing rebellion against Speaker Johnson among House conservatives.’

This weekend’s late-night spending vote in Congress seems like another in an endless series of sequels to a bad suspense movie. Just at the brink of “disaster,” just before the stroke of midnight, Congress pulls off a miracle and passes an omnibus bill to save us from a “government shutdown!”

The heroes have saved the day!

Unfortunately, this latest sequel is as bad as the previous ones, as the American people are left with a massive $1.2 trillion dollar spending package to add to our already $34 trillion in debt. Military spending will, of course, be increased yet again, as the military-industrial complex demands more of our wealth to feed its ever-increasing appetite. And if this military spending increase is not enough, Congressional leadership is promising another huge supplemental bill to further fuel proxy wars in Ukraine and Gaza – with some money to provoke China as well.

Republicans like to talk a good game about reining in spending – especially during election season – but as we learned with this “compromise” and all previous “compromises, it’s all talk. At the end of all the dramatic warnings about shutting the government down, we are left with a Washington-style compromise, meaning the leadership of both parties gets to throw anything and everything they want into the massive bill. Because it is only presented to the rank and file at the last moment before “disaster,” none of the Members get a chance to even read it, much less shape it through amendments and debate.

The Republican House leadership promised the Members 72 hours to read any new bill before a vote, but they broke their promise without hesitation. Members would not have the chance to read the more than 1,000 page bill, which was worked out in secret behind closed doors

There is likely a reason that Congressional leaders did not want Members to get the chance to read the bill. As Rep. Thomas Massie discovered, buried in the bill is funding for 13 year old children to get help with gender transitioning without consent from their parents. He also pointed out that although nowhere was it in the authorization bill, just hours after the omnibus passes the Department of Justice announces the creation of a Federal “Red Flag” center to attack our Second Amendment rights.

Who knows how many more items like these – and far worse – are deeply buried in the “must-pass” spending bill. Keeping these items from the American people by secretly embedding them in “must pass” legislation increasingly looks like a feature, not a bug. No wonder Congress enjoys such a low approval rate among the American people.

In the end, the bill only passed the Republican-controlled House with the support of Democrats, fueling a growing rebellion against Speaker Johnson among House conservatives.

The media-celebrated “bipartisanship” is not all it’s cracked up to be. It means that both parties embrace policies that are leading to our financial bankruptcy. This further threatens the dollar as the world’s reserve currency and will result in catastrophic changes worldwide that nearly no one in Congress seems capable of imagining. Republicans capitulating to Democrat demands to “save us” from a government shutdown may temporarily keep the appearance that “this is fine,” but in the end they are making the coming crash all the worse.

This article first appeared at RonPaulInstitute.org.

---

---

Al-Qaeda was created by Western intelligence to fight the Russians, and has been used as a catalyst for illegal wars and tyrannical laws ever since.

Over a hundred people were murdered in Russia on Friday. Including women and children. Eleven terrorists were captured by Russian authorities as they attempted to cross the border into Ukraine. They are being interrogated and all roads lead to the US State department, who have been directing Ukrainian forces since their 2014 coup.

The attack occurred on March 22nd, or 3/22. 322 is the mysterious number used by Yale’s infamous Skull and Bones society. The official story is that 322 symbolizes the year 322BC to memorialize the event seen as the turning point which transformed Athens from a democracy to a plutocracy. A plutocracy is a society that is ruled by no other political philosophy other than the financial elite being in control of the people’s destiny.

The Skull and Bones is a grooming academy for the CIA. Such as, former director of the CIA, George Bush. And 322 is there calling card.

During the Tucker Carlson interview, President Putin was clearly speaking to the CIA. The CIA responded in a New York Times Article admitting that they are using Ukraine as a proxy to wage war against Russia. Weeks before the attack, Victoria Nuland repeatedly boasted that Putin was in for a nasty surprise.

On March 7th, the US Embassy issued a warning about the threat of terrorist attacks in Moscow, specifying ‘concerts.’ The British Embassy in Moscow mirrored this warning.

Days before the attack, Barack Obama paid an unexpected visit to the British Prime Minister at 10 Downing Street.

Within hours of the attack and without any evidence, the US government blames the attack on the Islamic State and says that Ukraine is not involved.

The next day, while Russians were grieving, CIA mouthpiece, The Washington Post, gloated how the US had prior knowledge of the attack, and people still died.

It has been noted that the terrorists were either professional assassins or trained by Western forces. For they were demonstrating NATO training methods such as shooting in small bursts, trigger control, and proper mag reloads

For anyone with eyes to see, this is the Modus operandi of the West. Al-Qaeda was famously created by Western intelligence agencies to fight the Russians in Afghanistan, and has since been cultivated by the US government and used as a catalyst for illegal wars and tyrannical laws against US citizens

Ukraine spy chief said three months ago, expect more attacks deep inside of Russia.

Dmitry said that everyone is asking him what to do. He answered that, those who were caught need to be killed. But it’s much more important to kill everyone involved. Everyone who paid, who sympathized, and who helped. Kill them all.

---