Tuesday, May 19, 2009

Required Reading

From Belomont Club, best comment I've seen on a blog in years:

"The Fed is an independent entity. It is a network of 12 Regional Federal Reserve banks. The Presidents of these Regional Fed banks are chosen by an independent board of directors. Each Regional Fed bank is owned by member banks, but the board is controlled by non-bankers (6 non-bankers, 3 bankers).

This means that the control of the Fed banks is in the hands of private citizens, and not Congress. Each President works for their respective board, which hires and fires them.

Some folks complain about this arrangement, but it has saved our bacon, IMHO. This independence has allowed the Fed to act without having to go to Congress or the White House for permission. This keeps its OODA loop tight, and helps shelter it from partisan political fights. Its independence has also allowed the US dollar to be the world’s reserve currency.

But here’s things get sticky. The Obama Administration is proposing the most dramatic expansion of Federal spending in history. Trillions of dollars will be added to the Federal Debt during the next 3-4 years, and if they pass healthcare reform, it will get even worse. In addition, by increasing marginal tax rates, economic growth will slow, and growth is the only way we can eventually pay off the debt we have accumulated.

It's all good.

In other news, I had a clinic day at the range on Saturday. I believe that the M91/59 Mosin carbine probably represents the cream of the crop as far as mechanical condition is concerned among that vast ocean of old Russian bolties floating around out there. It would appear that the Commies converted their best 91/30's into the 59's.

I will have the holiday weekend off. I'm trying to get the Goddesses out for a fishing day, but their social calendars are probably already booked. If it's not fishing I'll ask a couple of friends out to Tibble Fork to go fishing and maybe even gold panning.

We are going great guns on my project. Scary fast, some have said. We are going to run out of mud in about two months at the rate we are going, then there will be nowhere to go but up.

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