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(snip)"In light of the US Central Bank’s (I refuse to use their misleading self-anointed US Federal Reserve moniker) most recent grandstanding policy decision that has been referred to as "QE light" that precedes the inevitable QE2 launch sometime in the not so distant future, I present an open challenge to Paul Krugman and all like minded economists, Nobel prize winning or not, that support the monetary policy of dollar debasement. This will be a straightforward challenge issued by our Founding Fathers, in particular the first US Treasury Secretary, Alexander Hamilton, who scripted the US Coinage Act of 1792. The one question I want to see Mr. Krugman and his supporters answer is this:
“If monetary debasement can truly create economic recovery, why did our Founding Fathers establish, in the US Coinage Act of 1792, that any persons discovered to be deliberately debasing US money ‘shall be guilty of felony and shall be punished by death’?”
Note that the punishment was not imprisonment, not even hard labor, but death. Why did our Founding Fathers, who had just gained freedom from the draconian monetary policies of the British monarch King George through the American Revolution and the Treaty of Paris in 1783 deem that monetary stability could not be separated from the conditions of freedom? Why did they deem the act of monetary debasement so insidious that anyone found guilty of deliberately debasing US money would not be imprisoned but should be punished by death? And why is monetary debasement today accepted as the “right thing to do” and “normalized” by prominent economists like Paul Krugman?
So this is all I ask of you Mr. Krugman - to repudiate Alexander Hamilton and explain why he was wrong. I don’t want the employment of deft politician-utilized “block and bridge” techniques that fail to ever address the question, or responses that entail long-winded dissertations on the relationships between monetary base, monetary supply and monetary velocity that fail to answer the question. Please merely be so kind as to answer the one question inspired by Alexander Hamilton and posed to you above and explain your position. (snip)
(snip)"For those of you reading this that understand why the enforcement of monetary stability is central to your freedom, and I’m sure there are many of you, you must realize that you are among the very small minority of the world’s population that understands this. I have posed this challenge to Paul Krugman because he has the extremely powerful bully pulpit of the New York Times, Princeton University and mass media distribution channels to disseminate his opinion, to hundreds of millions, that monetary debasement is of great benefit to recovering economies.
Today, academics have drawn the focus away from the immorality of the monetary debasement component of quantitative easing by refocusing discussions on the useless debate of whether or not QE assists economic recovery. This type of useless debate only serves as a distraction tactic to draw attention away from the more paramount issue of whether QE destroys the wealth of citizens and therefore is an enemy of freedom (snip)
(snip)One thing is clear, Mr. Krugman. Either those men that are universally accepted to be among the greatest American patriots of all time were terrorists for desiring the sentence of death for anyone that destabilized money, OR you are massively wrong. Both of you cannot be right. Your defense of your position needs to repudiate the very founding fathers of the REPUBLIC (not the democracy) of America and needs to explain why you are spreading a diametrically opposing viewpoint to the wishes of America’s founding fathers.
When prominent academics such as yourself, Mr.Krugman, support monetary policies that our Founding Fathers believed to be tyrannical, this supports a misguided and delusional belief system, the mistakes of which are exponentially multiplied by financial journalists that ensure that misinformation becomes not myth but part of a new reality that bankers desire. I cannot recall the hundreds of times have I seen misleading headlines like “Japanese markets fall sharply in the last month on the back of a strengthening Yen” (or replace "Japanese" with another nationality and "Yen" with another nation's currency). Such headlines, by nature, imply that a rising Yen is undesirable when in reality, such policy is enormously beneficial to a nation of savers. Monetary debasement punishes anyone that saves their money instead of spending it right away. Financial journalists, unable to comprehend monetary policy accurately because of academics that spread deceit instead of truth, continuously script headlines that fall victim to the con game of ideological subversion.
Quantitative easing is a banker-created euphemism for monetary debasement. Please explain to Alexander Hamilton, who surely is rolling over in his grave after reading your words Mr. Krugman, why a great American patriot like Alexander Hamilton was so wrong. Billions that have been subjected to and that have suffered a much lower standard of living as a result of monetary debasement policies enforced by Central Banks around the world await your answer. If we are going to emerge from this global monetary crisis with a sustainable solution that benefits all citizens of the world as we all desire, you must not remain silent in responding to this question.(snip)



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