Wednesday, February 06, 2008

How Bad Is It?

I've had friends in New York City tell me about this, and now it's finally making the news:

In the latest example that the U.S. dollar just ain't what it used to be, some shops in New York City have begun accepting euros and other foreign currency as payment for merchandise.

"We had decided that money is money and we'll take it and just do the exchange whenever we can with our bank," Robert Chu, owner of East Village Wines, told Reuters television.
Everyone repeat after me: The business cycle of massive booms and busts that we have will go away, or be isolated to segments of the economy, when we get rid of the Federal Reserve.

Sphere: Related Content
Digg this


Rightwingsnarkle said...

Hey, Ran:

I look to this guy when it's time to understand what's up in the financial sector.

Randolphus Maximus said...


Bonddad is absolutely on target as far as inflation is concerned. His comments on Greenspan and his easy credit policies are also right on as well.

Where we part ways is the mechanism for controlling interest rates. Currently, the FED dictates, by fiat, those rates. What I would like to see, and work towards, is eliminating the price fixing for money. To truly have a free market and eliminate the boom bust cycle, and get rid of inflation we must work towards getting rid of the FED.

Jeez, I sound like a conspiracy theory freak. But it's true, I think we would have a lot smaller Federal government and more freedom and less taxes if we reset our economy to the way it was before 1913 and got rid of the central bank.