Jaithirth ‘Jerry’ Rao is a retired entrepreneur who lives in Lonavala. He has published three books: ‘Notes from an Indian Conservative’, ‘The Indian Conservative’, and ‘Economist Gandhi’.
Mr. Rao – only a devotee of the Chicago “Gharana” of economics would believe that money the government lends to private banks is “usually fully recovered along with a decent rate of return”. We non-Chicago Libertarians know this truth to be self-evident – the Government has nothing of its own that it did not steal from others. The money it lends to private banks to recover from reconcilement does not come back – it gets added to the money supply and what comes back is inflation (so much for that rate of return)
Oh – and please don’t let economists delude you into challenging the wisdom of Ocean’s Eleven. After all JP Morgan himself said it – Gold is money, everything else is credit !!
Mr. Rao – only a devotee of the Chicago “Gharana” of economics would believe that money the government lends to private banks is “usually fully recovered along with a decent rate of return”. We non-Chicago Libertarians know this truth to be self-evident – the Government has nothing of its own that it did not steal from others. The money it lends to private banks to recover from reconcilement does not come back – it gets added to the money supply and what comes back is inflation (so much for that rate of return)
Oh – and please don’t let economists delude you into challenging the wisdom of Ocean’s Eleven. After all JP Morgan himself said it – Gold is money, everything else is credit !!