Yup, that's your private, personal opinion, or should I say religious belief. Not much more. Just like the existence of God, belief doesn't need proof. You just keep repeating your mantra about the 'money pump' and 'the evil gummint' until it sounds like a proven fact.
You apparently don't understand the impact of the "money-pump"... 1. It TRUMPS ALMOST EVERYTHING... 2. It has BROUGHT DOWN COUNTRIES AND CIVILIZATION since the Romans!! The Gummint/Fed does it "under our noses", and when we question them, they say... "it's for our own good".... Biggest lie since "the check is in the mail"...
You study some world financial history... THEN debate Beranke's merits.. anybody who has knows you've come to a knife fight with a tooth pick. I understand that nobody likes to be told, "you're wrong"... I'm saying "you have an uneducated opinion"... which can be remedied. The "money-pump destruction" of societies is one of the MOST prolifically documented principles in world financial history... and YOU don't get it... Why is that? Probably because you've yet bothered to look.
It is really quite remarkable to see each intervening method Greenspan's successor has implemented and the effect it has had wrt the administrations intentions. That still does not trump the total banking overhaul needed to save our system. What a joke! pay$
Makloda, I respect your view, but can you please tell me why oil took off like a bat out of hell last August when the Fed did a surprise 50bps cut, and then essentially rocketed forth throughout the Fed's massive easing campaign? Yes, commodities were up prior to that, but no where near that degree. Lastly, can you clarify that you're saying there's no relationship between a weak dollar and high commodity prices? Because if you are forced to admit that a weak dollar spurs higher commodity prices (and therefore higher headline inflation) then you have to conclude that there is a link between lower rates/easing and higher commodity prices/headling inflation through a weak dollar. Or am I missing something? Try not to get caught up in gnome's ranting. He has a tendency to shout a lot.
I need to make an impact while I can. Come October 1, when the FBI is allowed to abrogate the Constitution's prohibiting of "unreasonable search and seizure", I'm going to exercise discretion and stop criticising the Gummint, Fed and all the DUMASSES who hope The Powers are doing other than BUTT F*CKING ALL AMERICANS!! One day all of you non-believers will look back and say, "Too bad I didn't listen.. Gnomey was right"... but it will be too late then.