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Norm-
I have always remained confused about one issue. IF what you say is true
about the accelerating depreciation of the dollar; can you explain why the
problem seems to be one of deflation and not inflation? I think your ideas
dovetail with an article about the FED which I will post after sending this
e-mail. If the FED does indeed have all this power; why haven't we
experienced any runaway inflation? If one accepts all what we are told
about the FED it seems to me runaway inflation would be inevitable. Yeah;
we had inflationary problems during the 70's but the FED has been around now
for 89 years.
Confusingly,
chas (:-)
----- Original Message -----
From: Norman Winski <nwinski@xxxxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, November 08, 2002 9:38 PM
Subject: Re: [RT] The Answer my friend is blowing in the spin
CM,
I forgot to answer your question about the Fed. In the long run, the Fed is
irrelevant. The business cycle has not and will never be suspended. The
Fed, like any quasi monopoly, tries to take credit for having control over
what it wishes it had control over but doesn't control. The Fed couldn't
cut interest rates if the money market wasn't willing. The only difference
the Fed has made since it began operating in 1914 is an accelerated rate of
depreciation of the value of the US dollar.
Regards,
Norman
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