Self liquidating credit fekete
There have been so many Trumps on display in the past few days that it’s anyone’s guess who will actually turn up for the first 100 days.
The first few days have been extraordinary and kind of scary in terms of the president’s grasp on economic reality. The no-nonsense, straight-talking, waste-cutting, four-times bankrupt, business genius who will slash taxes and get corporate America purring again? You know the pussy-grabbing, dodgy-dealing, locker-room Trump, who is one scandal away from impeachment? Or what about Town Hall Trump — the gold-plated, KFC-chewing, class-warrior capitalist who’s gonna stick it to the Man for the little guy? The wall-building, hombre-watching, China-bashing, alt-right flirting, bring ‘em all back home Donald, who will make America great again by cutting it off from the rest of the world.
They start with a false fundamental premise and load up their treatise with lots of convoluted argumentation thinking that they are overwhelming their adversaries with the extent of their convolution, not understanding that convolution cannot pinch hit for a flawed basic premise.
Robert Blumen’s recent attack on Antal Fekete and me, “Real Bills, Phony Wealth,” is a case in point.
But which Donald — or combination of Donalds — turns up in the next 100 days is anyone’s guess. With majorities in the Senate and House, he can appoint who he wants, to whatever job he wants.
In this address I look forward to the release of the gold standard from a forty-year quarantine, to become one of the pillars of the reconstruction after the present credit collapse has run its course.
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Address before the Civil Society Institute at Santa Clara University November 3, 2008 Introduction The Great Depression of the 1930's was not due to the 'contractionist propensities' of the gold standard as alleged by John M. Nor was it due to fractional reserve banking as alleged by Murray Rothbard.
Bank notes and deposit moneys commonly have 30-day suspension clauses, allowing the bank to delay payment for 30 days.
A bank that issues its money in exchange for short-term assets that are payable in 30 days will thus match the maturities of its notes (30 days) to those of its assets, and it will avoid illiquidity and possible insolvency.