Envision yourself on the Mount Everest ice field called the Khumbu icefall. You are with a group negotiating a crossing of the ice field on your way to the summit of Everest. You are almost at Camp One, having left base camp and are struggling through the most difficult acclimatization portion of your climb. You are part of a team, the first team up the mountain in this particular expedition, but in this endeavour, you feel alone. You are fighting nature’s forces, all of them — gravity, extreme cold, violent winds, blinding snow storms, thin oxygen, your own contracting blood vessels, cramps, and one step at a time you cross ladders, and you clip onto and off ropes that have been fixed in the ice. You worry each time you unclip your carabiner. Each might just be the moment when ice moves and disaster hits. And then it happens.
Posts Tagged: The Fed
In a reply to a comment from F.A. contributor Nanny G on Deconstruction of Cruz and Ryan I realized, after writing it, my too casual use of the term, “Too-Big-To-Fail.” Too-Big-To-Fail is a label that has gathered much deceptive moss. Used with some regularity since the economic panic that started in 2007 and accelerated at full throttle in September… Read more »
We progress, marching forward leaving behind us a trail of yesterdays, filled with events large and small, assembling memories, but some of the more momentous occurrences rise to a superior level which we include in our collective “history.” In that wake of our advance some of those momentous waves swell further, rising to become events that only hindsight can identify as pivotal moments in that shared recollection.
In 1913 Congress abdicated its Constitutional responsibility over currency on behalf of the people when it created the monster called The Federal Reserve System. In creating a private joint stock entity, Congress not only surrendered jurisdiction over the dollar, it also relinquished control, oversight, and authority over the institution intended to manage the citizens’ currency. Decisions… Read more »