Hey Wall Street protesters, why don’t you march over to the Fed?!?

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I don’t mind protesting Wall Street, like I said before, these guys are bad guys.  To give you an idea of what kind of people are on Wall Street just look at their behavior. Cocaine use is rampant on Wall Street with some studies concluding that 70% of stock brokers are regular cocaine users. It has been reported that many firms openly use cocaine on the trade floor and even use drugs and prostitution as a kind of currency.

So let us consider how we might stop these guys?  Do we put more regulations on Wall Street? No way! Lobbyists end up writing those anyway.  These regulations are used to benefit Wall Street and push out small time competitors.  Should we impose higher minimum wage laws?  Of course not.  Minimum wage always increases unemployment and hurts the poor and unskilled the most.  Should we impose tariffs or end free trade?  Once again this just benefits American corporations by protecting the competition; basically granting them a monopoly. This makes people pay more for their products and increases the profit margins of big corporations.  Personally I like being able to buy shoes for under $20.  I remember when I was a kid you could not buy shoes for under sixty dollars. Adjusted for inflation, that would probably be over a hundred dollars today.  How would making the poor and middle class buy a $100 pair of shoes make them better off?  Tariffs are an absurd argument.  No legitimate economist ever suggests tariffs, it is only politicians and political writers without economic understanding that suggest this.

The best way to end the suffering of the middle class and dramatically decrease the influence of Wall Street would be to end the Federal Reserve and institute sound money. The Federal Reserve could no longer artificially prop up the Wall Street Mega Banks.  The Federal Reserve could no longer inject liquidity into the financial sector at the expense of every other sector.  People would no longer be forced to gamble in the stock market to preserve their wealth because the Federal Reserve could no longer rob people through inflation. Jobs would not be shipped over seas because of the trade imbalances that the global dollar based fiat currency system creates.  Wall Street speculators could no longer gamble trillions of dollars as they do now because savings would have to come from the public rather than government fractional reserve banking.  Massive global corporations would shrink because they would no longer be the first in line for the newly created money.  People would have control of the system because they could always exchange their notes for hard money, putting a break to irrational government and private spending.  People like to talk about the benefits of democracy. To the extent that democracy means that power is in the hands of the people, there is nothing that has a more powerful democratic affect than a hard money banking system.

If people really cared about the poor and the middle class and wanted to shrink Wall Street down to size, we would END THE FED!

 

 

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