Friedman Never Solved the Cause of the First Great Depression
day, month date, 2009
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Friedman Never Solved the Cause of the First Great Depression
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"You’re right. We did it. We’re very sorry. But thanks to you, we won’t do it again."
This will be a famous white lie, because Friedman never ascertained the cause of the first Great Depression, nor did Bernanke (or any "Fed" Chairman after him) recognize such a cause, or rectify it.
Why not?
Many years ago (there are still links to it), I had a page, "Mathematic PROOF the So Called Federal Reserve CAUSED the First Great Depression." It was one of the most stolen and emulated documents on the early internet. The point of the paper, despite the detail of its story, was that the so called Federal Reserve System inherently and inevitably caused the First Great Depression, and that of course it can only cause another.
That is, after a given lifespan of that iniquitous system expires, it leaves permanently damaged credit-worthiness which can only be restored ultimately by disavowing the rules and resultant conditions of the system. Only then can it be granted, by tolerance, apathy, and ignorance, a subsequent lifespan, which can only lead to the same inevitable failure.
If Friedman had identified the cause of the First Great Depression then, he would have advocated the singular solution to that cause, because to understand the cause is inherently to understand the solution — they're the very mirror images of each other. Friedman therefore would have advocated mathematically perfected economy™.
Likewise, Bernanke lies when he claims he won't do it again. Every moment the system exists, it is "doing it." That is, it is inherently and irreversibly multiplying debt in proportion to a vital circulation, as we are forced to maintain a vital circulation by perpetually re-borrowing principal and interest paid out of the general circulation, as subsequent debts, perpetually increased so much as periodic interest on an ever greater sum of debt. The system inherently and inevitably fails again and again, and can only be started again and again, by utter criminals, so long as it exists.
Those who remember my original paper, as well as those who stole from it, will recall that it told a story how the supported practice of buying stocks on margin made it impractical to save, and how the sudden withdrawal of the availability of this unwarranted "credit" spelled immediate doom to the subject "free markets." Free, my hind quarters.
Of course, with the whole country customarily buying stocks on margin, the people had their money tied up in 10% of a short term debt, for a purported asset which could only be bought down the road likewise by someone else being able to procure further credit. The speculator sold their $1,000 of stocks, which they had $100 tied up in (and a $900 debt) for maybe $1,100 in 2 weeks, paying back their $900 15-day promissory note, and doubling their money.
So one dark, devious day, when the so called Federal Reserve (which is neither federal nor a reserve of anything [my words, to those who think others wrote or said them])... when the purposed deception called the Federal Reserve declared it would no longer issue us our promises to pay each other, of course Ron Paul's "free market" (Ron wants banks and interest, too) could only fold. They might have thought over the weekend how they were going to sell their $1,000 "of securities" to a market which only had $100 in circulation — this not even being in their possession — and which could not "borrow" (get their friend, the Fed, to issue them their promise to pay...) so much "credit" as would perpetuate the graft. Of course, when the market fell, title fell to who?
Not a scheme? Right; and we can never understand it as such — which of course explains Bernanke's claim they're not going to do it again.
What do you think? Has Ben Bernanke never heard of mathematically perfected economy™? Can he disprove it? Or does he go on, intentionally preserving the system of exploitation with false, shallow claims which he never qualifies... on purpose?
Is that not why Obama's "Economic Policy Team" returned my *requested* package, upon identifying its sender? You tell me... but I'm telling you that many people have written Ben Bernanke about mathematically perfected economy™; and just "somehow," neither he nor a predecessor or successor have ever responded.
Why? Because there's a conclusive argument?
It's an outright lie when Bernanke says he won't do it again.
Won't do it?
It isn't necessary to call the loans in or withdraw further availability of credit; the system collapses itself when it finally, inevitably produces a terminal sum of debt.
How in fact far away is the day which proves Bernanke won't do it again?
If years of ten thousand homes a day going into foreclosure, millions of jobs already gone, and only the biggest and the worst having a hope of a pathetic pretended rescue only meant to preserve a system of exploitation which can only multiply debt into terminal debt don't tell you that you're already living in it... nothing will wake your sorry excuse for your own demise up.
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"To find the players in all the corruption of the world, 'Follow the money.' To find the captains of world corruption, follow the money all the way."
mike montagne — founder, PEOPLE For Mathematically Perfected Economy™, author/engineer of mathematically perfected economy™ (1979)
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