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I would welcome a public debate of my thesis that risk-free bond speculation suppresses the rate of interest and destroys capital in the process. I have challenged neo-classical economists who still consider the open-market operations of the Fed as a ‘refined tool to manage the national economy’. I want them, instead, to see in open-market operations the cancer of the economy responsible for the withering of the world’s prosperity. So far my challenge has fallen upon deaf ears. Words: 2854
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Filed under Economy · Tagged with bond market, bond speculation, check-kiting, crack-up boom, depression, fiat currenct, Friedman, hyperinflation, interest rates, Keynes, monetary policy, ponzi scheme, recession, the fed, Treasury, yield curve
