"Beware the Jabberwock, my son
The jaws that bite, the claws that catch!
Beware the Jubjub bird, and shun
The frumious Bandersnatch!" - Jabberwocky, Lewis Carroll
They have finally lost it
In the process of dementia it is common to experience verbal confusion ... the words just seem to jumble along in a stream that is only meaningful to the speaker ... and even then only momentarily as their echo quickly dies a modest death. But the word salad of the Senate Banking Committee Chairperson to the Federal Reserve Chairperson on the eve of a big announcement this week got printed and will live in infamy:
"As you know, the Federal Reserve is charged with the dual mandate of promoting maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy."
Employment, prices and interest rates ... hhmmmm ... that sounds like a triple mandate? Dual mandate? Really? Oh, this banking stuff is really confusing ... but maybe they count with a different numbering system than the rest of us. I wonder what the legal statute actually says? Maybe we should take a look at it? But surely they have done that? I'm so confused.
Language is natural
Language is, perhaps, the most fundamental medium of exchange in nature. It is usually species and even location specific. It spans great distances enabling subtleties as it establishes and refines relations ... avoiding [or at least enhancing] other blunt and easily misunderstood methods of intercourse. And so it is tragic when language [for whatever reason] fails.
There are many reasons why language fails. The most prevalent is simple and prolonged abuse. "I don't believe you" signals a breakdown in language. "Show me" also indicates a collapse in language. But some things just cannot be put into words ... they are too complex. They require their own language.
Currency is the language of markets ... and governments
The common currency is the language of markets. To function properly, it must convey clear and reliable information efficiently across a wide network of specialized and interdependent exchanges. Indeed, the Coinage Act of 1792, Section 19 established a penalty of death for debasing the gold or silver coins authorized by the Act ... I guess they thought the currency was important ... huh?
Redefining voter fraud
Mises went even further to claim that the currency is the foundation for democracy.
- The ultimate aim of human government is to facilitate the division of labor
- so that economic [and political] power can be vested in the hands of the "buying public"
- via "the market as a democracy in which every penny gives a right to vote."
Perhaps, we need to rethink what voter fraud really is ... and who is guilty of that crime against the people.
Macbeth got it right after all
The US federal government and the US Federal Reserve are poor players strutting and fretting their hour on the stage ... idiots ... full of sound and fury ... signifying nothing. They have destroyed the language of markets and governments ... they are the enemies of democracy ... but, on the bright side, the ensuing collapse of civilization will hopefully rid us of them ... for awhile at least.
There would have been a time for such a word.
Tomorrow, and tomorrow, and tomorrow,
Creeps in this petty pace from day to day
To the last syllable of recorded time,
And all our yesterdays have lighted fools
The way to dusty death. Out, out, brief candle!
Life’s but a walking shadow, a poor player
That struts and frets his hour upon the stage
And then is heard no more: it is a tale
Told by an idiot, full of sound and fury,
Signifying nothing.
