James C.W. Ahiakpor wrote:
>John Médaille wrote:
>>The problem I see with a FRS is that it 
>>privatizes a public power. Why should the banks 
>>have the power to create money? We bail the 
>>banks with borrowed money they create. 
>>Something is not right about that. We will be 
>>paying interest on the money they (or their 
>>Chinese counterparts) lend us to give to them. What's wrong with this picture?
>I wish John had paid attention to what I wrote 
>earlier about the advantage of using classical 
>definitions rather than those of J.M. 
>Keynes.  His apparent confusion stems from ignoring my suggestion.

Oh, I read it. I just didn't agree with it. I 
agreed with Keynes. I don't think I'm alone in 
that. I'm certainly not the first person you've 
talked to that had a different view; are they all 
confused, or do they just have different theories?

I do agree with you that there are "some 
incredibly wrong things have been done lately in 
the U.S. in the name of monetary policy. " I just 
don't agree that any of that can be laid to Keynes.

John C. Médaille