tag:blogger.com,1999:blog-9619963.post6727419678257754836..comments2023-12-08T12:50:34.303-08:00Comments on W.C. Varones: More stuff that broke around 1971W.C. Varoneshttp://www.blogger.com/profile/17663570682958847976noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-9619963.post-18616754088299940292021-10-19T05:58:05.247-07:002021-10-19T05:58:05.247-07:00Same to you. Jerome Powell is a terrible trader (...Same to you. Jerome Powell is a terrible trader (even when he stacks the deck in his favor). Should have bailed out in August.Kenny Binghttps://www.blogger.com/profile/05149827883352139263noreply@blogger.comtag:blogger.com,1999:blog-9619963.post-53869107939239328162021-10-18T19:28:19.756-07:002021-10-18T19:28:19.756-07:00Good to hear from you Kenny! Hope you’re doing wel...Good to hear from you Kenny! Hope you’re doing well!WC Varonesnoreply@blogger.comtag:blogger.com,1999:blog-9619963.post-84387386610282646492021-10-13T07:08:19.482-07:002021-10-13T07:08:19.482-07:00"In his memoirs, Hoover wrote that Mellon adv..."In his memoirs, Hoover wrote that Mellon advised him to "liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate. Purge the rottenness out of the system. High costs of living and high living will come down. ... enterprising people will pick up the wrecks from less competent people."<br /><br />"The main rationale behind the order was actually to remove the constraint on the Federal Reserve preventing it from increasing the money supply during the depression. The Federal Reserve Act (1913) required 40% gold backing of Federal Reserve Notes that were issued."<br /><br />The US would routinely suffer through a financial "panic" from time to time and Mellon was right in his advice to Hoover. Heavy handed executive orders (Let's Go Brandon!!) and over the top political kabuki theater are the primary drivers of our clusterfucks (cough *covid* cough) - a government as large as our own picks winners and losers.Kenny Binghttps://www.blogger.com/profile/05149827883352139263noreply@blogger.com