7.02.2004

New Employment numbers out today and it's not pretty. Interest rates are down because there is a positive correlation between the number of new jobs and the strength of the economy right?? Not anymore. In fact, I think that in the not too distant future increasing numbers of jobs may only be a sign that productivity isn't improving. So what's the consequence? Well the Fed isn't going to raise interest rates as fast as they had planned based on the jobs data. The only problem there is that the economy is doing just fine. So cheap money and a booming economy is going to lead to inflation.

Abe Lincoln (my hero by the way) once said:
"The money power preys upon the nation in times of peace and conspires against it in times of adversity. It is more despotic than monarchy, more insolent than autocracy, more selfish than bureaucracy. I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. Corporations have been enthroned, an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its REIGN by working upon the prejudices of the people until the wealth is aggregated in a few hands and the Republic is destroyed."

I mostly agree. Capitalism breeds greed, no doubt about it. The only way to fight the aggreagation of wealth is through progressive taxation.

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