Book Cover

Capitalism,  The Way to a World of Peace and Plenty
by Ray Carey

Hard/Softcover/Kindle - 5 May, 2004, Available on

Ray Carey presents the theory and practice of democratic capitalism by coupling his experience with a synthesis of the thought of Adam Smith, Karl Marx, and John Stuart Mill.  The empirical evidence is clear: democratic capitalistic companies produce superior results, and nations that support economic freedom and keep money neutral improve the lives of their people.

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4. Give the Federal Reserve the Needed Tools

Updated on January 26, 2018

The continuing media impression is that the Federal Reserve Board manages the American economy. They do not. Their monetary tools include the amount and cost of money, not included are the fiscal tools of taxes and spending. Proper management of the economy requires coordinated use of both monetary and fiscal tools.

The Fed pumped trillions of dollars into the economic system most of which stayed in the banks. They took the interest rate to about zero with limited effect on economic growth and unemployment. The only sure effect was to minimize the pensioners' retirement income from bond investment and low-cost money for speculative leverage.

The recently retired Chairman of the Fed, Ben Bernanke, explained in his book that the reason that they did not do a better job adding economic growth and reducing unemployment was the lack of these necessary tools. His advice can be found on web site, online education Essay section # 4: "Give the Federal Reserve the Needed Tools."





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