Dear Mr. Fed Man…

Dear Mr. Fed Man,


This is being written on the generational eve of your undoing, so I should mention that I do not make claim to uniqueness or even insightfulness. Nevertheless, I wish to spell out the broad case against your supposed necessity — for it is plain to see that some people are starting to question the intellectual grounds upon which you stand.


What is the conceit that summarizes the laughable intellectual acrobatics in the writings produced by your ‘research institutes’ and universities? The revelation that hits the honest man is that all of that unrelenting jargon is intent on saying one thing and one thing only:  ‘Look how super duper lovely the world is when the monetary medium buys a little less day-to-day stuff each year’.


You have gone to great efforts to expound the case for this whim of yours, and the day for you to give up is well overdue. At first you attempted to extract a case from the basic structure of reality – i.e. via reason. However since these attempts — slyly dubbed ‘economic theories’ — proved foolish upon close scrutiny you decided to try and change the rules rather than admit defeat. For if experience could be proved legitimate enough to point the gun, then you would have another shot (ahem) at the status of legitimacy. So indeed, the task of proving how super duper lovely your money is by definition was changed to proving 1) that reason bows down to experience and that 2) your favorite type of money has been super duper lovely during previous ages. That was very conniving of you Mr. Fed man, and somehow you succeeded.


But alas, even by your imaginary standard where ‘experience counts’ you have fallen down. For even when you make up the pretend rules you fail. For this isn’t the cornucopia you promised, is it?


In conclusion I should mention that the truth is that people (since they live) advocate being alive and living. And alas, while living it turns out that they like and want stuff. Money is one such ‘stuff’ and people are quite capable of producing and using it as they wish — your gun isn’t a prerequisite to this. Your gun is a flagrant denial of your right to yourself and your own things.


But since I am a forgiving man and appreciate that you adore the status quo, I will partake in one of your indulgences just for now. If the CPI-hugging money that you advocate is so incredibly great, then allow others to make such CPI-hugging monies – I bet they will be better than yours!




Thomas Gresham

See here for our collection of rare historical economic data.

Posted Nov 26, 2011
by | Categories: Other

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