This is from a series of books written by Richard J. Maybury in the form of letters from Uncle Eric to his nephew, Chris. In The Money Mystery Maybury strives to explain monetary policy in more common terms for those of us who aren’t PhD’s in economics. Maybury is not shy in blasting all politicians regarding monetary policy and the many ways to mess with our economy and retain power. Even Ronald Reagan is not spared.
“A politician does not get elected by understanding economics, finance, law, foreign affairs, or the other important subjects about which he makes daily decisions. He gets elected by understanding how to get elected. That’s what a politician is – a person who is an expert at winning elections. Expecting politicians to make wise decisions about things they know little about is unrealistic to say the least.”
Maybury seems to predict the economic meltdown in 2008. Not specifically, but in terms that because of the extreme printing of money by the Fed we are headed for a meltdown. This book was last updated in 2004 and it would be interesting to see a supplement. This sequel to What Ever Happened to Penny Candy was more advanced and challenging as I had to read over several passages several times, but there is a lot of good information. My only real complaint is that this was a little pricey…$10.95 for barely one hundred pages.
Two more quotes to make you uncomfortable with the federal government;
“In a free economy, change tends to be an evolutionary process and you can plan ahead. In a government-controlled economy, change tends to be revolutionary process and you cannot plan ahead.”
“Federal officials now regard their bonds not as debt because they intend never to repay (how could anyone repay a $7.5 trillion debt?) but as low-velocity cash they can print and spend without limit.”
Note: Our debt, if you didn’t know, is more than double what he expressed in the above quote…and ever expanding.