Manufactured Prosperity: Central banking, rising prices, rising taxes,rising debt, rising poverty

download Manufactured Prosperity: Central banking, rising prices, rising taxes,rising debt, rising poverty

of 22

Transcript of Manufactured Prosperity: Central banking, rising prices, rising taxes,rising debt, rising poverty

  • 7/31/2019 Manufactured Prosperity: Central banking, rising prices, rising taxes,rising debt, rising poverty

    1/22

    Jid} 07::

    Ijesnjmtsvco \vd}|cvatq

    ]ak~cv a} svbcet fsq Nvcc vc|dvt vc~cjk} r`q }ak~cv a} jfdst td bd de je c|am fskk vse rrr%OjakqVcmhdeaeb%mdi%js

    J Ijvhct Mvj}` a} Mdiaeb _`c Idtkcq Nddk _d| ]tdmh \amh} _d J~dao j Ijvhct Mvj}`* rrr%Nddk%mdi%js

    MdiiFjeh Bdjkdbvj|`q Rjet _d Hedr R`jt \cd|kc Jvc ]j~aeb Ndv4 ]cc _`cav _d| Naejemajk Bdjk}% }tjvtrat`s}%mdi%js$bdjkdb

    Js}tvjkaje ]tdmh Vc|dvt Dsv _cji rakk }`dr qds r`am` ]tdmh} td Fsq . ]ckk C~cvqojq ) Nvcc _vajk rrr%Js}tvjkaje]tdmhVc|dvt%md

    Gcvciaj` \vdgcmt Fafkc \vd|`cmq Msktsvc Rjv Ecr Rdvko Dvocv Ocmc|tade} _vj}`aeb Jicvamj

    R`jt a} Idecq4J} ai|dvtjet j} idecq a} td id}t |cd|kc+ id}t dn s} tjhc ndv

    bvjetco t`a} ~jksjfkc vc}dsvmc rat`dst ba~aeb t`dsb`t td r`jt

    at vcjkkq a}+ r`cvc at mdic} nvdi+ dv `dr at rdvh}%

    Rc cjve at+ rc }|ceo at+ rc }j~c at+ jeo }dic ijq mdi|kjae

    t`cq ode"t `j~c cedsb` dn at+ fst ncr vcjkkq hedr ism` jfdst

    at% Ndv id}t |cd|kc+ idecq+ naejemc}+ idectjvq |dkamq+ ctm%

    jvc |vcttq mdens}aeb jeo j} j vc}skt t`cq }svvceocv t`c }sfgcmt

    td dt`cv}%

    Ijeq j}}sic t`c fakk} }tsnnco ae t`cav rjkkct a} idecq% Fst+ a}

    at4

    _`vdsb`dst `a}tdvq+ idecq `j} tjhce de ijeq ndvi} jeo

    t`cvc `j}e"t fcce ism` jbvccicet de r`jt &dfgcmt& idecq a}%

    At vcjkkq a} edt aeb idvc t`je j }qifdk t`jt vc|vc}cet} t`c ~jksc dn }dict`aeb%

    \vjmtamjkkq }|cjhaeb+ t`c ~jksc dn idecq vc|vc}cet} r`jt at rakk fsq ) dv at} |svm`j}aeb

    |drcv%

    R`jtc~cv ndvi at tjhc}+ at a} s}co j} je aetcvicoajvq ndv tvjoc ) dv icoasi dn cpm`jebc+

    ae dvocv td j~dao t`c aecnnamacemac} dn j fjvtcv }q}tci%

    Idecq a} bcecvjkkq mde}aocvco td `j~c t`c ndkkdraeb ndsv m`jvjmtcva}tam}7

    j icoasi+:%

    j icj}svc+6%

    j }tjeojvo+ jeo=%

    j }tdvc%?%

    _`jt a}+ idecq nsemtade} j} j icoasi dn cpm`jebc+ j seat dn jmmdset+ j }tjeojvo dn

    |jqicet+ jeo j }tdvc dn ~jksc%

    _`aeh jfdst t`d}c m`jvjmtcva}tam} ndv j idicet%

    Odc} t`c idecq ae qdsv rjkkct rdvh kahc t`jt4

    Hedrkcobc a} \drcv_`c Fafkc tckk} s}+ &Iq |cd|kc jvc oc}tvdqco nvdi kjmh dn hedrkcobc%& (@d}cj ?7>!%

    @j~aeb hedrkcobc mdifaeco rat` ra}odi mje ci|drcv qds rat` tddk} ndv }sv~a~jk jeo

    |vd~aoc qds bvcjtcv |vd}|cvatq% _`a} a} r`q hedrkcobc jfdst t`c tvsc ejtsvc dn idecq

    Jvbsicet} ndv j

    Ecr Rdvko Dvocv

    J &Mva}a}& ae Jicvamj

    ]dmajk Mkj}} Rjvnjvc ae Jicvamj

    Gs}t Rcab`t} jeo Icj}svc}Bdo mdiijeoco rc `j~c gs}t

    }tjeojvo} dn rcab`t} jeo icj}svc}% Ae

    t`c jf}cemc dn gs}t }tjeojvo}+ t`cvc

    mje fc ed mdenaocemc ae `dec}tkq

    ocjkaeb rat` dec jedt`cv%

    Fafkc \vd|`cmq

    Rjhc S|*

    \d}t M`va}taje Msktsvc

    Ndkkdraeb Gc}s}

    Dec Rdvko Vckabade

    _`c Ecr Jbc Jbceoj

    Rjv de M`va}tajeatq

    ]dmajka}t} ae t`c @ds}c

    Vckabade Mwjv

    Oc~jksjtade dn KancGs}tamc Vcocnaeco

    _`c Njk}c Bvcce Bd}|ck

    Rdvko ^acr}

    &Raeeaeb _`c Msktsvjk Rjv&

    \`akd}d|`amjk Vddt} dn M`jebc

    Ijvh dn t`c Fcj}t

    Ejtadejk AO Mjvo}

    Fjeh} \vdnakc Ms}tdicv}*

    Ijvvajbc _jp \cejktq

    Naejemajk ]tcrjvo}`a|

    Ndkkdraeb _`c Idecq _vjak

    Kjrqcv Cevam`icet \vdbvji

    Jfdst t`c Gcvciaj` \vdgcmt

    esnjmtsvco \vd}|cvatq `tt|7$$rrr%gcvciaj`|vdgcmt%mdi$ecrrdvkodvocv$|vd}|cv%`tik

    66 60$

  • 7/31/2019 Manufactured Prosperity: Central banking, rising prices, rising taxes,rising debt, rising poverty

    2/22

    _`c Mvj}` Mdsv}c

    M`va} Ijvtce}de

    Fc}t \vamc /:3%=2dv Fsq Ecr /:0%?3

    \va~jmq Aendvijtade

    Rcf dn Ocft

    Ckkce @dob}de Fvdr%%%

    Fc}t \vamc /?%?2dv Fsq Ecr /6=%::

    \va~jmq Aendvijtade

    ]cmvct} dn t`c _ci|kc

    Rakkaji BvcaocvFc}t \vamc /

  • 7/31/2019 Manufactured Prosperity: Central banking, rising prices, rising taxes,rising debt, rising poverty

    3/22

    Idecq

    Gjic} C% Crjvt

    Fc}t \vamc /2?%==dv Fsq Ecr

    \va~jmq Aendvijtade

    _`c Mvcjtsvc nvdi GchqkkA}kjeo

    B% Corjvo Bvannae

    Fc}t \vamc /3%16dv Fsq Ecr

    \va~jmq Aendvijtade

    Mkamh @cvc ndv Fc}t}ckkaeb Fddh}

    R d jvc t c id~cv} jeo

    }`jhcv} dn t a} Ecr RdvkoDvocv jeo r`jt a} t`cav

    jbceoj4

    _`c Akksiaejta

    ]hskk . Fdec} ]dmactq

    _`c Fakocvfcvbcv}

    _`c _vakjtcvjk Mdiia}}ade

    _ c Mdsemak de Ndvcabe

    Vckjtade}

    _`c Seatco Ejtade}

    _`c Mksf dn Vdic

    NCIJ

    Oc|jvticet dn @dickjeo

    ]cmsvatq

    Rjv de _cvvdva}i

    Idvc Ecr Rdvko Dvocv

    Aendvijtade

    td vcocci de ocijeo ae j mdiidoatq idecq

    (}sm` j} }ak~cv dv bdko mdae! dv ae j idectjvq

    mdiidoatq (}sm` j} }ak~cv dv bdko fskkade!% _`c

    |j|cv |vdia}c td |jq a} t`c icoasi dn

    ojq)td)ojq cpm`jebc+ fst t`c jmtsjk idecq jeo

    t`c sktaijtc }tjeojvo dn ~jksc vcijae} t`c |vdia}co icoasi dn |jqicet+ t`c

    }ak~cv dv bdko mdae rat` r`am` t`c edtc a} td fc vcoccico%

    J najt idecq a} j icoasi dn cpm`jebc mdi|d}co dn }dic aetvae}amjkkq ~jksckc}}

    }sf}tjemc r`am` t`c a}}scv odc} edt |vdia}c td vcocci ae j mdiidoatq dv jnaosmajvq idecq% _`c idecq at}ckn a} ba~ce

    ~jksc fq bd~cveicet najt (Kjtae ndv &kct at

    fc odec&! dv ocmvcc% Fcmjs}c j najt idecq

    `j} ed oavcmt kcbjk mdeecmtade td j

    mdiidoatq idecq (ae tcvi} dn vcoci|tade!

    jeo+ t`cvcndvc+ ed vcjk cmdediam md}t td at}

    |vdosmtade+ t`c }s||kq dn j najt idecq mje

    ec~cv fc }ckn)kaiataeb8 jeo t`c ~jksc dn j najt idecq a} jkrjq} kjvbckq j ijttcv dn

    |sfkam mdenaocemc ae t`c cmdediam dv |dkatamjk }tjfakatq dn t`c a}}scv% Ndv t`c}c

    vcj}de}+ `a}tdvamjkkq c~cvq ijgdv najt idecq `j~c }ckn)oc}tvsmtco ae r`jt a}

    |d|skjvkq mjkkco &`q|cvaenkjtade& (t`jt a}+ cptvcic ocmvcj}c} ae |svm`j}aeb)|drcv!

    mjs}co fq cat`cv sekaiatco aemvcj}c} ae t`c }s||kq dn t`jt najt idecq fq t`c a}}scv

    dv jmmckcvjtaeb kd}} dn |sfkam mdenaocemc ae t`c mdetaesco ~jksc dn t`c idecq dv t`c

    cmdediam dv |dkatamjk ndvtsec} dn at} a}}scv+ dv fdt`%

    Mde}tatstadejk IdecqJicvamj rj} ndseoco jiao}t dec dn t`c kjvbc}t cmdediam mva}c} rc"~c cp|cvacemco%

    _`cvc rj} vjbaeb aenkjtade jkdeb rat` j ij}}a~c oc|vc}}ade t`jt `jo ndkkdrco t`c

    cia}}ade dn fakk} dn mvcoat jeo dt`cv ndvi} dn |j|cv msvvcemq a}}sco fq t`c Mdetaecetjk

    Mdebvc}} jeo ijeq dn t`c }tjtc kcba}kjtsvc}% _`c ndseoaeb njt`cv} vcmdbeawco t`cav

    vc}|de}afakatq dn |sttaeb t`c}c |j|cv ideac} aetd mavmskjtade jeo tddh jmtade} td |vc~cet

    t`a} nvdi c~cv `j||ceaeb jbjae%

    _`c ndseocv} dn Jicvamje aeoc|ceocemc jk}d aetaijtckq seocv}tddo t`c tqvjeeq ai|d}co

    fq t`d}c r`d mdetvdk jeo ijea|skjtc t`c idecq jeo rcet td bvcjt kcebt`} td ce}svc

    Jicvamj rdsko ec~cv jbjae fc ce}kj~co td t`c idecqco ~sktsvc} jbjae r`d oc}avc td }ct

    t`ci}ck~c} jfd~c ijehaeo ae dvocv td jvvjebc+ dvbjeawc+ jeo vcbskjtc at jmmdvoaeb td

    t`cav njemq%

    Ae rvataeb t`c S%]% Mde}tatstade+ t`c jst`dv} aemksoco t`c idectjvq |drcv} dn t`a} ecr

    ejtade jeo dstkjrco r`jt Gjic} Ijoa}de ae t`c Ncocvjka}t |j|cv} ocedsemco j} &t`c

    njkkjmads} icoasi jeo ai|vd|cv jeo ramhco |vdgcmt dn |j|cv idecq&%

    _`c Mdebvc}} }`jkk `j~c |drcv%%% _d mdae idecq+

    vcbskjtc t`c ~jksc t`cvcdn+ jeo dn ndvcabe mdae+ jeo

    nap t`c }tjeojvo dn rcab`t} jeo icj}svc}8 ) S%]%

    Mde}tatstade Jvtamkc A+ ]cmtade 0+ Mkjs}c 3

    Ed ]tjtc }`jkk cetcv aetd jeq _vcjtq+ Jkkajemc+ dv

    Mdencocvjtade8 bvjet Kcttcv} dn Ijvzsc jeo Vc|va}jk8

    mdae Idecq8 ciat Fakk} dn Mvcoat8 ijhc jeq _`aeb fst

    bdko jeo }ak~cv Mdae j _ceocv ae \jqicet dn Ocft}8 |j}} jeq Fakk dn Jttjaeocv+ cp |d}t

    njmtd Kjr+ dv Kjr ai|javaeb t`c Dfkabjtade dn Mdetvjmt}+ dv bvjet jeq _atkc dn Edfakatq%)

    S%]% Mde}tatstade Jvtamkc A+ ]cmtade :

  • 7/31/2019 Manufactured Prosperity: Central banking, rising prices, rising taxes,rising debt, rising poverty

    4/22

    R`jt a} j Odkkjv4_`c Mdaejbc Jmt cejmtco ae Mdebvc}} ae :216 napco t`c idectjvq seat dn t`c Seatco

    ]tjtc} j} t`c }ak~cv &odkkjv& jeo ocnaeco t`c odkkjv j} j seat dn icj}svc dn =2:%63 bvjae}

    dn |svc }ak~cv dv ?:> bvjae} dn }tjeojvo }ak~cv% ]aiakjvkq+ j odkkjv dn bdko a} :$6

  • 7/31/2019 Manufactured Prosperity: Central banking, rising prices, rising taxes,rising debt, rising poverty

    5/22

    _`c Mvcjtsvc nvdiGchqkk A}kjeo

    B% Corjvo Bvannae

    _`c Se}cce @jeo

    J% Vjk|` C||cv}de

    Ecr /:3%13

    _`c _`avoMdaemaocemc

    Oj~ao Fa}`d|

    Ecr

    Ceo t`c Nco

    Vde \jsk

    Ecr

    Ceo t`c Nco

    Vde \jsk

    Ecr /:?%13

    _`c ]cmvct} dn t`cNcocvjk Vc}cv~c

    Cs}tjmc Iskkae}

    Ecr /:>%13

    \va~jmq Aendvijtade

    njt`cv} mdezscvco% _`c a}}saeb |drcv }`dsko fc tjhce nvdi t`c

    fjeh} jeo vc}tdvco td t`c |cd|kc+ td r`di at |vd|cvkq fckdeb}%& )

    _`dij} Gcnncv}de

    \sfkam dstvjbc d~cv t`c jfs}c} dn t`c Nav}t Fjeh dn t`c Seatco ]tjtc}+ aemksoaeb at}

    |vjmtamc dn nvjmtadejk kceoaeb jt j : rj} ndseoco dst dn

    oc}|cvjtade td }tjfakawc t`c msvvcemq fq \vc}aocet Gjic} Ijoa}de%

    _`c Fjeh jaoco j vcjk c}tjtc fddi t`vdsb` at} :

  • 7/31/2019 Manufactured Prosperity: Central banking, rising prices, rising taxes,rising debt, rising poverty

    6/22

    Ijo Idecq

    Ecr /=%11

    _`c JicvamjeOvcji

    Jicvamj

    Iam`jck Vs||cvt+]%%%

    Ecr /61%11

    De Bsjvo X@OY

    Ecr /6%11

    Ijo Idecq

    _co Oje}de+ Zscce%%%

    Ecr /2%:3

    Ae}aoc t`c Icktodre

    Ecr /

  • 7/31/2019 Manufactured Prosperity: Central banking, rising prices, rising taxes,rising debt, rising poverty

    7/22

    ECR Fsnnjkd$Aeoaje @cjoEamhck Jvt M%%%

    Fsnnjkd$Aeoaje : _%%%

    Fc}t \vamc /=2%13dv Fsq Ecr /=2%13

    \va~jmq Aendvijtade

    :1>? Hceecoq @jkn OdkkjvFs

    Nav}t Mdiicidvjta~%%%

    Fc}t \vamc /:%23dv Fsq Ecr /:6%1=

    \va~jmq Aendvijtade

    _`c _vsc ]tdvq dn t`cFakocvfcvb Bvd%%%

    Ojeack C}tskae

    Fc}t \vamc /6%10dv Fsq Ecr

    \va~jmq Aendvijtade

    bdko&% _`cv |j|cv rj} edt t`c odkkjv+ ae}tcjo+ at a} "rdvt`"+ edt "a}"+ : odkkjv (j} ae t`c S%]

    ]ak~cv mcvtanamjtc%!

    Jfvj`ji Kaemdke fjttkco ndv t`c vab`t dn Mdebvc}} jeo t`c _vcj}svq

    td `dko t`c jrc}dic |drcv dn mdaeaeb idecq% @c hecr t`jt td

    }svvceocv t`a} |drcv td |va~jtc fjeh} rj} sktaijtckq td }svvceocv

    t`c }d~cvcabetq dn Jicvamj% _`c s}c dn fjeh edtc} a}}sco fq

    |va~jtc mdiicvmajk fjeh} j} kcbjk tceocv rj} bvjosjkkq vc|kjmco

    fq t`c a}}sjemc dn fjeh edtc} jst`dvawco jeo mdetvdkkco fq t`c

    ejtadejk bd~cveicet%

    Osvaeb t`c Jicvamje Ma~ak Rjv+ t`c Seade bd~cveicet oao edt

    `j~c cedsb` }ak~cv dv bdko fskkade td iaet cedsb` idecq Xodkkjv}Y

    td |jq t`c md}t} dn t`c rjv ae Kjrnsk Idecq+ }d fcbje td a}}sc

    |j|cv edtc} td |jq at} ocft}% Ae :0>6+ Kaemdke a}}sco najt |j|cv

    idecq hedre j} Bvccefjmh}+ rat`dst t`c fjmhaeb dn |vcmads}

    ictjk}%

    _`c}c |acmc} dn |j|cv rcvc ED_

    vcjk idecq8 fst rcvc mdeoatadejk

    \vdia}}dvq Edtc} (j Ecbdtajfkc Ae}tvsicet!8 a%c%+ j\vdia}c td |jq td t`c Fcjvcv kaiatco fq t`c mdeoatade

    t`jt t`c fcjvcv ijq vcocci t`c Edtc ae kjrnsk idecq

    jt t`c Seatco ]tjtc} _vcj}svq ae Ecr Qdvh%

    _d fc kcbjkkq ~jkao+ j \vdia}}dvq Edtc is}t fc ae rvataeb jeo is}t `j~c t`c}c ecmc}}jvq

    ckcicet}7

    J navi |vdia}c td |jq Xfq t`c |jqdvY8

    J Ocnaeatc }si dn idecq8

    J vcma|acet Xt`c |jqccY8

    J ocnaeatc ojtc r`ce }sm` ocnaeatc }si dn idecq a} osc jeo |jqjfkc8 jeo

    _`c }abejtsvc dn t`c Edtc ijhcv Xt`c |jqdvY%

    Kcbjk _ceocvR`ce |cd|kc vcns}co td jmmc|t t`c |j|cv edtc} ae |jqicet+ Mdebvc}} jod|tco t`c Kcbjk

    _ceocv Jmt dn :0>6+ mdi|ckkaeb t`ci td od }d+ jeo t`s} fcbje mavmskjtaeb t`c nav}t

    ejtadejk Seatco ]tjtc} msvvcemq% _`c}c fakk} dn mvcoat rcvc hedre j} Kcbjk _ceocv Edtc}

    fcmjs}c dn t`c ae}mva|tade de cjm` df~cv}c njmc }tjtaeb &_`a} Edtc a} j Kcbjk _ceocv%&

    Kcbjk tceocv dv ndvmco tceocv a} |jqicet t`jt+ fq kjr+ mjeedt fc vcns}co ae }cttkcicet

    dn j ocft%

    Vcicifcv+ t`c S%]% Mde}tatstade |vd`afat} jeq bd~cveicet nvdi a}}saeb r`jt t`c

    Ndseoaeb Njt`cv} mjkkco &Fakk} dn Mvcoat& (jeo r`jt rc tdojq rdsko seocv}tjeo j} |j|cv

    msvvcemq vcoccijfkc ae }ak~cv dv bdko!+ jeo dstkjr} jeq ndvi dn &kcbjk tceocv& cpmc|t

    }ak~cv jeo bdko mdae}%

    Jvt% A ]cm% :< Mk% :+ }tjtc}+ ae |jvt7 &Ed ]tjtc }`jkk %%% mdae Idecq8 ciat Fakk} dn Mvcoat8

    ijhc jeq _`aeb fst bdko jeo }ak~cv Mdae j _ceocv ae \jqicet dn Ocft}8 %%%&

    _`a} oc|jvtsvc nvdi t`c Mde}tatstade vc}sktco ae gs}t j} Nvcocvam Fj}tajt |vcoamtco%%%

    &R`ce |kseocv `j} fcmdic j rjq dn kanc ndv j bvds| dn ice ka~aeb tdbct`cv

    ae }dmactq+ t`cq mvcjtc ndv t`ci}ck~c} ae t`c mdsv}c dn taic j kcbjk }q}tci

    t`jt jst`dvawc} at jeo j idvjk mdoc t`jt bkdvanac} at%& ) Nvcocvam Fj}tajt ae

    &_`c Kjr&

    Ae :0>0 t`c ]s|vcic Mdsvt sejeaids}kq }jao t`jt edt`aeb dt`cv t`je mdaeco idecq `jo

    fcce vcmdbeawco fq t`c kcba}kjtade dn t`c ejtadejk bd~cveicet j} kjrnsk idecq% (Fjeh ~}%

    ]s|cv~a}dv}+ 2 Rjkkjmc+ |% =jmt} mvcjtaeb t`c bvccefjmh} td fc semde}tatstadejk+ vskaeb t`jt ndvmaeb j mvcoatdv td

    jmmc|t |jqicet ae aenkjtco msvvcemq rj} j ~adkjtade dn t`c 3t` Jiceoicet+ |vdtcmtade

    dn |vd|cvtq seocv osc |vdmc}}% _`jt ocma}ade rj} kjtcv vc~cv}co ndkkdraeb t`c

    esnjmtsvco \vd}|cvatq `tt|7$$rrr%gcvciaj`|vdgcmt%mdi$ecrrdvkodvocv$|vd}|cv%`tik

    66 60$

  • 7/31/2019 Manufactured Prosperity: Central banking, rising prices, rising taxes,rising debt, rising poverty

    8/22

    j||daeticet dn trd ecr gsobc} fq \vc}aocet Skq}}c} ] Bvjet%

    _`c Bdko ]tjeojvoNdkkdraeb t`c Ma~ak Rjv+ Mdebvc}} vcmjkkco t`c Bvccefjmh} nvdi mavmskjtade jeo

    vc)jst`dvawco t`c iaetaeb dn }ak~cv jeo bdko Odkkjv}% _`c Mdaejbc Jmt dn :02= |kjmco t`c

    Seatco ]tjtc} de t`c bdko }tjeojvo+ r`am` vc|kjmco t`c faictjkkam (}ak~cv jeo bdko!

    }tjeojvo t`jt `jo fcce mvcjtco fq Jkcpjeocv @jiaktde% Ijeq }jr t`a} j} j &mvaic+& jeo

    de Ncfvsjvq 60+ :020 t`c Fkjeo)Jkka}de Jmt rj} |j}}co fq Mdebvc}} vczsavaeb t`c Seatco

    ]tjtc} _vcj}svq td |svm`j}c fctrcce /6 iakkade jeo /? iakkade dn }ak~cv fskkade nvdiiaeaeb mdi|jeac} ae t`c Rc}t+ td fc iaetco aetd mdae} t`jt rdsko fc kcbjk tceocv ndv jkk

    ocft}+ kahc bdko%

    Kahc t`c cjvkacv ]cjtco Kafcvtq Odkkjv}+ t`c Idvbje Odkkjv

    jk}d mdetjaeco 1

  • 7/31/2019 Manufactured Prosperity: Central banking, rising prices, rising taxes,rising debt, rising poverty

    9/22

    cp|cvt} td mdic s| rat` j ede|jvta}je

    }dkstade% V`doc A}kjeo ]cejtdv Eck}de

    Jkovam`+ t`c Vc|sfkamje kcjocv ae t`c

    ]cejtc+ vje t`c Mdiia}}ade |cv}dejkkq+

    rat` t`c jao dn `a} tcji dn cmdedia}t}%

    Ae :1:

  • 7/31/2019 Manufactured Prosperity: Central banking, rising prices, rising taxes,rising debt, rising poverty

    10/22

    \cjmc OdkkjvRcab`t 6>%2= bvji}8 mdi|d}a tade+ %1

  • 7/31/2019 Manufactured Prosperity: Central banking, rising prices, rising taxes,rising debt, rising poverty

    11/22

    :1>? Hceecoq @jkn OdkkjvRcab`t :6%3 bvji}8 mdi|d} atade+ %11

    dw% |svc } ak~cv!%

    _`c \cjmc Odkkjv vctsveco fvacnkq ae :1=? jeo :1=3+ j} t`c bd~cveicet eccoco

    jooatadejk fjmhaeb ndv ]ak~cv Mcvtanamjtc}% _`jt rcjkt` rj} jk}d td fc }`dvt ka~co%

    Ae :1?3 Mdebvc}} ocfj}co t`c msvvcemq c~ce nsvt`cv+

    vcosmaeb t`c fjmhaeb td dekq 63 |cvmcet% _`c jidset dn

    ]ak~cv Mcvtanamjtc} ae mavmskjtade oc|ceoco oavcmtkq s|de

    t`c jidset dn }ak~cv fskkade ae t`c _vcj}svq ~jskt}+ jeo

    sekc}} idvc }ak~cv mdsko fc |vdosmco+ t`cq rcvc zsamhkq

    kd}aeb t`cav fjmhaeb jeo mdsko edt fc vcmavmskjtco% ]ak~cvMcvtanamjtc} fcbje td oa}j||cjv nvdi mavmskjtade osvaeb

    t`c :1?=+ Hceecoq

    rj} j}}j}}aejtco jeo t`c Seatco ]tjtc} Edtc} `c `jo a}}sco rcvc aiicoajtckq tjhce dst

    dn mavmskjtade% At }cci} df~ads} td }dic t`jt \vc}aocet Hceecoq m`jkkcebco t`c &|drcv}

    t`jt cpa}t fc`aeo S%]% jeo rdvko naejemc+& jeo `a} j}}j}}aejtade rj} kahckq j rjveaeb td

    jkk nstsvc |vc}aocet} edt td aetcvncvc rat` t`c |va~jtc Ncocvjk Vc}cv~c"} mdetvdk d~cv t`c

    mvcjtade dn idecq%

    Rat`ae ojq} dn Hceecoq"} j}}j}}aejtade+ t`c Ncocvjk Vc}cv~c a}}sco at} ecr edtc} rat`

    t`c dfkabjtade mkjs}c+ &_`a} edtc a} kcbjk tceocv ndv jkk ocft}+ |sfkam jeo |va~jtc+ jeo a}

    vcoccijfkc ae kjrnsk idecq jt t`c Seatco ]tjtc} _vcj}svq+ dv jt jeq Ncocvjk Vc}cv~c

    Fjeh+& vc|kjmco rat` dekq+ &_`a} edtc a} kcbjk tceocv ndv jkk ocft}+ |sfkam jeo |va~jtc%&

    Avdeamjkkq+ t`c :1>? Hceecoq `jkn odkkjv rj} t`c kj}t }ak~cv

    mdae |vdosmco ndv mavmskjtade ae Jicvamj% _`c Hceecoq

    `jkn)odkkjv oc}abe+ `drc~cv+ mdetaesco td fc iaetco ae j ?3:12

  • 7/31/2019 Manufactured Prosperity: Central banking, rising prices, rising taxes,rising debt, rising poverty

    12/22

    Ocjt` dn t`c Odkkjv

    De Ijvm` 63+ :1>?+ t`c ]cmvctjvq dn t`c _vcj}svq jeedsemco t`jt ]ak~cv Mcvtanamjtc}

    rdsko ed kdebcv fc vcoccijfkc ndv }ak~cv odkkjv}% ]sf}czscetkq+ jedt`cv jmt dn Mdebvc}}

    ojtco Gsec 6?+ :1>2+ |vd~aoco t`jt ]ak~cv Mcvtanamjtc} mdsko fc cpm`jebco ndv }ak~cv

    fskkade ndv j |cvado dn dec qcjv+ setak Gsec 6?+:1>0% _`a} kcnt dekq najt Ncocvjk Vc}cv~c

    Edtc} ae mavmskjtade rat` t`c bd~cveicet ed kdebcv dfkabjtco td ba~c t`c `dkocv dn j

    edtc bdko+ }ak~cv+ dv jeq }|cmanam tjebafkc mdiidoatq ae cpm`jebc ndv t`c edtc%

    Dsv |vc):1=? bdko mdae}+ rcvc rcab`co s}aeb t`c ocmaijk Xodkkjv$mcet}Y }q}tci% _`c

    |vc):1>3 }ak~cv mdae} Xjeo |vc :1=3 "odkkjv"mdaeY akks}tvjtc} j }aiakjv `jvideq ) cpmc|t ndvs}aeb j oanncvcet ocmaijk }q}tci t`je ndv icj}svaeb bdko% R`ce t`c bd~cveicet jkkdrco

    t`c Ncocvjk Vc}cv~c td ~adkjtc t`c Mde}tatstadejk fj}a} dn t`c odkkjv jeo naejkkq oa~dvmc

    at nvdi bdko jeo }ak~cv+ t`c odkkjv mcj}co td cpa}t% Rc }takk `jo je dfgcmt rc mjkkco

    "odkkjv}+" fst edr t`c seat dn icj}svcicet m`jebco td je aetjebafkc MVCOA_ ) ed kjrnsk

    idecq vcijaeb ae bcecvjk mavmskjtade% Jeo+ aetjebafkc mvcoat ecco} ed }q}tci dn rcab`t}

    jeo icj}svc}% ]aemc ed_@AEB a} s}co j} idecq ) qds"kk edtamc tjp+ fjeh jeo }jkc}

    }tjtcicet} dntce oa}|kjq vjr esifcv} Xzsjetatq }qifdk}Y dekq*

    ]ak~cv odkkjv} jkid}t ijoc j vctsve ae :1>?+ r`ce Mdebvc}} j||vd~co t`c iaetjbc dn ?3

    iakkade ecr }ak~cv odkkjv} td nsknakk t`c ecco} dn t`c fddiaeb mj}aed aeos}tvq ae Ec~joj%

    =:>+ \cjmc Odkkjv} ojtco :1>? rcvc }tvsmh jt t`c Oce~cv iaet+ `drc~cv Mdebvc}}

    kjtcv vc~cv}co at}ckn jeo ocijeoco t`jt |vdosmtade mcj}c% Jkk t`c mdae} |vdosmco td t`jt

    |daet rcvc dvocvco td fc icktco% Edec dn t`c mdae} rcvc |vc}cv~co dv vckcj}co ndvmavmskjtade%

    Fcmjs}c dn j mvatamjk }ak~cv }`dvtjbc ae :1>3+ Mdebvc}} |j}}co t`c Mdaejbc Jmt dn :1>3+

    r`am` jst`dvawco t`c vcid~jk dn }ak~cv mdetcet nvdi mavmskjtaeb mdaejbc (cpmc|t ndv t`c

    Hceecoq `jkn odkkjv! iaetco jntcv Ocmcifcv =:+ :1>?+ vc|kjmaeb at rat j mkjo

    mdi|d}atade dn 23 |cvmcet md||cv jeo 63 |cvmcet eamhck% Nvdi :1>3 td :1>1+ t`c `jkn

    odkkjv mdae} rcvc ocfj}co jeo josktcvjtco fq vcosmaeb t`c }ak~cv mdetcet td ?0 Mdebvc}} vc|soajtc} vcoci|tade dn jkk ndvi} dn &kjrnsk idecq& ae }ak~cv+

    t`s} tsveaeb Ncocvjk Vc}cv~c Edtc} aetd j najt msvvcemq odic}tamjkkq ndv t`c nav}t taic%

    \vdosmtade dn odkkjv mdaejbc oao vc}sic ae :12: rat`

    t`c Ca}ce`drcv Odkkjv% _`c mavmskjtco mdae+ `drc~cv+

    `j} ed }ak~cv mdetcet% _`c Ca}ce`drcv Odkkjv rj}}tvsmh rat` j md||cv)eamhck mdi|d}atade ndv mavmskjtade

    jeo rj} t`c nav}t Seatco ]tjtc} odkkjv mdae td edt fc

    }tvsmh ae j |vcmads} ictjk+ jkt`dsb` }|cmajk mdkkcmtdv}"

    esnjmtsvco \vd}|cvatq `tt|7$$rrr%gcvciaj`|vdgcmt%mdi$ecrrdvkodvocv$|vd}|cv%`tik

    n 66 60$

  • 7/31/2019 Manufactured Prosperity: Central banking, rising prices, rising taxes,rising debt, rising poverty

    13/22

    :12?)] Ca}ce`drcv Odkkjv

    Cjbkc Vc~cv}cRcab`t 6?%31 bvji}8 mdi|d}atade+ dstcv kjqcv}

    dn %0

  • 7/31/2019 Manufactured Prosperity: Central banking, rising prices, rising taxes,rising debt, rising poverty

    14/22

    _`c idecq a} ba~ce ~jksc fq bd~cveicet najt (Kjtae ndv &kct at fc odec&! dv ocmvcc+

    cendvmco fq kcbjk tceocv kjr} ndvmaeb |cd|kc td jmmc|t t`c nvjso+ ae |kjmc dn vcjk

    idecq+ bdko jeo }ak~cv% Fq kjr t`c vcns}jk dn &kcbjk tceocv& idecq ae nj~dv dn }dicdt`cv ndvi dn |jqicet a} akkcbjk%

    Mavmsi~cetaeb t`c fj}am kjr dn gs}t rcab`t} jeo icj}svc} jkkdrco mcetvjkawco

    cmdideam jmta~atq ae j }tjtc$fjehaeb "mdifaec" td }dkckq octcviaec `dr ism` idecq

    XmvcoatY td mvcjtc+ ndv r`di+ jeo jt r`jt md}t% Ejtsvjk vc}dsvmc} Xbdko dv }ak~cvY+

    jsbicetco fq dsv dre kjfdv+ ed kdebcv octcviaec} t`c idecq }s||kq% Fjeh} edr "mvcjtc"

    idecq XmvcoatY dst dn edt`aeb%

    _`c ~cvq |vdnatjfkc ~cetsvc dn mdsetcvncataeb rcjkt` `j} fcce jvdseo ndv j kdeb taic%

    _`c |vjmtamc dn s}aeb ocft j} t`c fj}a} ndv msvvcemq }tjvtco ae Fjfqkde%

    ]aisktjecds} rat` j mvcoat }q}tci rj}

    j ecco td mdemcjk t`c nvjso |cv|cvjtcofq t`d}c cebjbco ae Xt`cnt fqY |vaema|jk

    mvcjtade% _`cav }dkstade rj} j ncc

    Xaetcvc}tY ndv t`c kdje dn edt`aeb% _`a}

    }dkstade mvcjtco j ijt`cijtamjk

    oakciij+ `drc~cv% @dr odc} dec

    vctsve td j }dkc }dsvmc Xt`c fjeh}Y idvc

    t`je t`cq kdjeco aetd mavmskjtade4 XNdv

    }ai|kanamjtade+ aijbaec dec fjeh jeo j

    tdtjk idecq }tdmh dn = cbb}%Y Kct"} }jq

    qds fdvvdr = cbb}% R`ce qds vc|jq t`c

    kdje+ qds jvc vczsavco td vc|jq t`c |vaema|jk |ks} aetcvc}t X: cbbY% @dr od qds vc|jq ?

    cbb} de j = cbb kdje ) r`ce t`c fjeh} dre jkk t`c m`amhce}4 _d vc}dk~c t`a} |vdfkci

    Xqdsv} ) edt t`c fjeh}Y idvc ocftdv} jvc vczsavco td fvaeb ecr "odkkjv}" aetd mavmskjtade

    ndv vc|jqicet dn aetcvc}t de dst}tjeoaeb ocft}% _`s}+ je ceokc}} mqmkc dn ocftdv} jeo

    mvcoatdv} a} ecmc}}jvq td |d}t|dec t`c aec~atjfkc ndvcmkd}svc% Odc} \dewa }m`cic }dseo

    j||vd|vajtc4

    _`d}c fjeh}tcv} r`d a}}sco S%]% |j|cv idecq (Ncocvjk Vc}cv~c Edtc}! |cv|ctvjtco j

    nvjso rat` t`c mvcjtade dn |j|cv idecq s}co td }tcjk jrjq bdko jeo }ak~cv nvdi t`c

    `jeo} dn t`c |cd|kc jeo td kddt t`c tvcj}svq dn t`c Seatco ]tjtc}% At rj}+ j} Nvcocvamh

    Fj}tajt mjkkco ae `a} :03< fddh &_`c Kjr&+ kcbjk |kseocv%

    _`c @aooce _jp7 AenkjtadeJedt`cv |vdfkci rj} mvcjtco rat` t a}mvcoat fj}co mvcjtade dn idecq dst dn

    edt aeb% _`c aemvcj}co "}s||kq" dn mvcoat

    oc|vcmajtc} j} j ejtsvjk mde}czscemc+

    esnjmtsvco \vd}|cvatq `tt|7$$rrr%gcvciaj`|vdgcmt%mdi$ecrrdvkodvocv$|vd}|cv%`tik

    n 66 60$

  • 7/31/2019 Manufactured Prosperity: Central banking, rising prices, rising taxes,rising debt, rising poverty

    15/22

    mvcjtaeb je ae}aoads} ecr tjp ) mjkkco

    aenkjtade%

    ]aemc :1:=+ r`ce t`c Ncocvjk Vc}cv~c rj}

    mvcjtco fq Mdebvc}}+ qdsv idecq `j} kd}t

    1># dn at} |svm`j}aeb |drcv osc td aenkjtade%

    &Vcicifcv r`ce bj} rj} dekq 63)mcet} j

    bjkkde4 Qds mdsko tjhc j odkkjv odre td t`c

    bj} }tjtade jeo fsq ndsv bjkkde} ndv j fsmh* Jt t`jt taic dsv odkkjv rj} fjmhco fq }ak~cv )vcjk idecq% Bsc}} r`jt4 _`jt }jic jidset dn }ak~cv }takk fsq} ndsv bjkkde} dn bj} tdojq*

    _`jt gs}t |vd~c} t`jt vcjk idecq kahc bdko jeo }ak~cv `dko} at} ~jksc jeo at a} t`c S]

    odkkjv t`jt fsq} kc}} jeo kc}}% J} j ijttcv dn njmt+ r`ce qds t`aeh jfdst at+ qds vcjkawc

    t`jt bj}+ nddo+ jeo jkid}t c~cvqt`aeb ck}c `j} ED_ bdttce idvc cp|ce}a~c% At dekq }cci}

    t`jt rjq fcmjs}c t`c ~jksc dn t`c S] odkkjv a} rdvt` kc}} jeo kc}} }d at tjhc} idvc jeo

    idvc dn t`ci td fsq t`c }jic bddo} jeo }cv~amc}% Id}t |cd|kc t`aeh |vamc} `j~c bdec

    s|+ fst jmtsjkkq7 at a} t`c ~jksc dn t`c S] odkkjv t`jt `j} bdec odre%& XFcvejvo ~de

    Edt@js}+ _`c Kafcvtq OdkkjvY

    _`c avdeq dn aenkjtade a} t`jt at} ~ amtai}

    fcmdic aemvcj}aebkq oc|ceocet s|de

    t`c ~cvq bd~cveicet$fjehaeb }q}tci

    r`am` mdena}mjtc} t`cav |vdosmtade jeo

    mvcjtco t`c aenkjtade% _d dnn}ct t`c

    cnncmt} dn t`c |kseocv+ t`c |kseocvcc}

    X|sfkamY ecco idvc j}}a}tjemc nvdi t`c

    |kseocvcv} ) r`am` nsvt`cv ce}kj~c} t`c

    |sfkam% J} rc }tjeo de t`c fvaeh dn tdtjk

    cmdediam mdkkj|}c+ t`c bd~cveicet jeo Ncocvjk Vc}cv~c gs}tanac} at} mdetaesco kcbjk

    |kseocv rat` }mjvc tjmtam} jeo mkjai} t`jt t`c fjeh} &jvc tdd fab td njak%&

    _`c tvje}atade nvdi fjeh edtc} td bd~cveicet)bsjvjetcco msvvcemq ijvh} t`c c~dkstade

    nvdi tvs}t ae j naejemajk ae}tatstade td tvs}t ae t`c cmdediam mj|jmatq jeo nstsvc

    |vd}|cvatq dn t`c ejtade% _`c bvcjtcv j mdsetvac} |vdosmtade jeo |vdosmta~atq+ t`c idvc

    t`c bddo} jeo }cv~amc} at dnncv} ae cpm`jebc ndv kcbjk tceocv+ jeo t`cvcndvc t`c bvcjtcvt`c mdenaocemc jeo tvs}t ae t`jt msvvcemq%

    &Kceae a} }jao td `j~c ocmkjvco t`jt t`c fc}t rjq td oc}tvdq t`c mj|atjka}t

    }q}tci rj} td ocfjsm` t`c msvvcemq% Fq j mdetaesaeb |vdmc}} dn aenkjtade+

    bd~cveicet} mje mdena}mjtc+ }cmvctkq jeo sedf}cv~co+ je ai|dvtjet |jvt dn

    t`c rcjkt` dn t`cav matawce}%& ) :10< Jeesjk Vc|dvt Ncocvjk Vc}cv~c Fjeh dn

    Vam`ideo+ |b >

    _`c Seatco ]tjtc} Bd~cveicet a} FvdhcFq :12:+ Eapde mkd}co t`c bdko raeodr+ jeo }td||co vcocciaeb |j|cv idecq ndv bdko+

    t`s} tsveaeb Ncocvjk Vc}cv~c Edtc} aetd j najt msvvcemq aetcvejtadejkkq ndv t`c nav}t taic%Bdko zsamhkq vd}c ae |vamc d~cv t`c ecpt ocmjoc fq je j~cvjbc dn =?# |cv qcjv+ s| td

    /03

  • 7/31/2019 Manufactured Prosperity: Central banking, rising prices, rising taxes,rising debt, rising poverty

    16/22

    Ae :123+ Jicvamje} rcvc |cviattco td dre vcjk bdko jbjae% Ae :10

  • 7/31/2019 Manufactured Prosperity: Central banking, rising prices, rising taxes,rising debt, rising poverty

    17/22

    iab`t fc je c~cv kjvbcv jbceoj `cvc% \cv`j|} rc `j~ce"t qct aocetanaco je c~ce idvc

    }aea}tcv |vdfkci)vcjmtade)}dksmtade }mcejvad%

    ]`dsko je dak cifjvbd ce}sc+ |vdosmt }mjvmatac} rakk mjs}c nvcewq fsqaeb dn nddo jeo

    nsck+ bdko |vamc} rakk }|ahc+ t`c odkkjv rakk mvj}` jeo bkdfjk |jeam rakk id}t kahckq fvcjh

    dst%

    Ba~ce t`c bvdraeb aenkscemc dn mdkkcmta~a}t |dkatamaje} `cvc jeo jfvdjo+ j kahckq }mcejvad

    a} t`c bkdfjkawjtade dn rdvko naejemajk ijvhct} jeo t`c icvbaeb dn }d~cvabe ejtade} aetd

    kjvbcv bkdfjk cetatac}% Ae t`c naejk zsjvtcv dn 6

  • 7/31/2019 Manufactured Prosperity: Central banking, rising prices, rising taxes,rising debt, rising poverty

    18/22

    dn jkk taic jeo }ct t`c }tjbc ndv j

    occ| cmdediam vctvcem`icet+ rvatc}

    Iahc R`atecq% Bvcce}|je}

    aenkjtadejvq |dkamac} rcvc oc}abeco td

    cp|jeo t`c rcjkt` bj| jeo mvcjtc

    bvcjtcv cmdediam |dkjvawjtade

    fctrcce t`c mkj}}c}% Fq t`c taic t`c

    `ds}aeb fsffkc ocnkjtc}+ iakkade} dn

    rdvhaeb mkj}} Jicvamje} rakk fc kcnt td

    |jq dnn kdje} t`jt jvc mde}aocvjfkq`ab`cv t`je t`c msvvcet ~jksc dn t`cav

    `dic% _`a} rakk aec~atjfkq mvcjtc

    occ|cv }dmactjk oa~a}ade} jeo+ ~cvq

    kahckq+ j |cvijecet seocvmkj}} dn

    idvtbjbc)}kj~c}%

    Bvcce}|je `j} }smmc}}nskkq |akdtco t`c ejtade aetd ~avtsjk ae}dk~cemq% Ae njmt+ t`c

    |jvjkkck} fctrcce dsv |vc}cet }atsjtade jeo t`c |cvado |vcmcoaeb t`c Bvcjt Oc|vc}}ade

    jvc }tvahaeb% Gs}t j} ij}}a~c ocft rj} jmmsiskjtaeb ae t`c ijvhct nvdi t`c |svm`j}c dn

    }tdmh} de ijvbae+ }d tdd+ idvtbjbc ocft fctrcce 6

  • 7/31/2019 Manufactured Prosperity: Central banking, rising prices, rising taxes,rising debt, rising poverty

    19/22

    Ijeanc}td&Y

    @dr kdeb mje t`a} MDEnaocemc)bjic kj}t4Edt ndvc~cv*

    @dr a} t`c nvjso }s}tjaeco jeo |sfkam MDEnaeocemc ijaetjaeco4

    &]`dsko bd~cveicet vcnvjae nvdi vcbskjtade (tjpjtade!+ t`c rdvt`kc}}ec}}

    dn t`c idecq (mvcoat}! fcmdic} j||jvcet jeo t`c nvjso mje ed kdebcv fcmdemcjkco%& )) Gd`e Ijqejvo Hcqec}+ &Mde}czscemc} dn \cjmc%&

    Fjeh} m`jvbc aetcvc}t de t`cav kdje} td ba~c t`c Ncocvjk Vc}cv~c Edtc} t`c

    |cvmc|tade dn ~jksc%

    _`cq mdset de t`c }`dvt vc}aosjk icidvq dn t`c dkocv bcecvjtade td vcicifcv t`c

    ojq} r`ce bdko jeo }ak~cv mcvtanamjtc} mavmskjtco jt |jv rat` |vcmads} ictjk}%

    _`cq osif)odre t`c |sfkam rat` bd~cveicet }|de}dvco |sfkam }m`ddk} r`cvc

    }tsocet} ec~cv kcjve t`c tvst` jfdst idecq jeo r`cvc }tsocet} kcjve td cpm`jebc

    kjfdv jeo |vdosmtade Xj}}ct}Y ndv m`cmh} jeo fjehedtc} Xkajfakatac}Y mvcjtco dst dn

    edt`aeb ae j bd~cveicet |vdtcmtco fjeh%

    _`c mdv|dvjtc dreco ijae}tvcji icoaj hcc|} t`c |sfkam oa}tvjmtco rat` je

    ceokc}} }tvcji dn ede}ce}amjk cetcvtjaeicet jeo ecr} |vc}cetco fq rckk tvjaeco

    |vd|jbjeoa}t}% R`ce rj} t`c kj}t taic qds `cjvo j ecr}mj}tcv dv |seoat vc|dvtjeqt`aeb t`jt ijoc }ce}c4

    Mdenaocemc ae "mvcoat" a} jk}d |vdosmco fq tjpjtade% Bd~cveicet} bd td bvcjt kcebt`}

    mdkkcmtaeb njv kc}} dn "at" t`je t`cq }|ceo ) td }s}tjae je jsvj dn ~jksc% Ae njmt+

    bd~cveicet odc} edt ECCO td mdkkcmt tjpc} td |jq ndv }cv~amc} j} at mje }ai|kq |vaet

    jkk t`c fjeh edtc} at ecco}%

    &An+ de t`c dec `jeo+ t`c fjeh} d~cvkq cp|jeo mvcoat+ `q|cvaenkjtade dmmsv}% An+ de t`c

    dt`cv `jeo+ t`c fjeh} d~cvkq vc}tvamt t`c cp|je}ade dn mvcoat ae dvocv td j~dao

    `q|cvaenkjtade+ vcmc}}ade jeo t`ce oc|vc}}ade dmmsv}% _`c fjehcv}" &tvamh& a} td mdetaesc

    td cp|jeo mvcoat rat`ae je cp|jeoaeb+ jeo t`cvcndvc c}}cetajkkq edeaenkjtadejvq+

    cmdediq% _`c ae}dksfkc |vdfkci ae`cvcet ae mvcoat)cp|je}ade t`vdsb` nvjmtadejk)vc}cv~c

    fjehaeb+ `drc~cv+ a} t`jt cp|je}ade dn j najt idecq }s||kq aec~atjfkq ia}oavcmt} jeo

    rj}tc} vcjk cmdediam vc}dsvmc}+ vc}sktaeb ae je aemvcj}aebkq edevjtadejk cmdediq ) t`jt

    a} je cmdediq t`jt odc} edt cp|jeo ae vcjk tcvi}% Ae }`dvt+ mvcoat)cp|je}ade fq

    nvjmtadejk)vc}cv~c fjehaeb ae t`c kdeb vse bsjvjetcc} cmdediam mdkkj|}c+ rat` vc}sktjet

    }dmajk m`jd} jeo |dkatamjk mva}a}%

    _`c fsvoce dn bd~cveicetjk ocft ) ism` dn at ijoc |d}}afkc dekq fq mcetvjk)fjeh

    &idectawjtade& ) `j} j||vdjm`co kc~ck} se}s}tjaejfkc ae vcjk tcvi} c~ce rat` ovj}tamjkkq

    aemvcj}co mdena}mjtade dn Jicvamje}" cjveaeb} t`vdsb` cp|kamat tjpjtade% Fst Jicvamje}

    }cci vcksmtjet td jmmc|t idvc tjpjtade td nseo t`c ec~cv)ceoaeb ndkkac} dn j }|ceot`vant

    rcknjvc }tjtc% _`s}+ vc|soajtade dn t`c ocft (ae r`dkc dv ae |jvt! t`vdsb` cptvcic

    oc|vcmajtade dn Ncocvjk Vc}cv~c Edtc} jeo fjeh)oc|d}at} ocediaejtco t`cvcae j||cjv}

    kahckq+ an edt mcvtjae%& XOv% Corae ^acavj+ Gv%+ &_`c Ncocvjk Vc}cv~c ]q}tci7 J Njtjk

    \jvj}atc de t`c Jicvamje fdoq \dkatam%&Y

    Vctsve td Mde}tatstadejk &Vcjk& Idecq_`c Fafkc a} ~cvq mkcjv t`jt t`c tq|c dn icoasi dn cpm`jebc rc jvc td fc s}aeb a} edt

    rdvt kc}} |j|cv% Rc mje mdetaesc td ndkkdr &ije"}& rjq jeo vcmca~c t`c msv}c}+ dv rc

    mje od t`aeb} Bdo"} rjq+ jeo vcmca~c t`c fkc}}aeb}% Rc jvc |vc}cetkq fcaeb kco odre j

    |jt` td dsv dre oc}tvsmtade+ jeo setak rc fcbae td }cc idecq j} j ]mva|tsvjk+ idvjk

    a}}sc+ rc rakk mdetaesc td ka~c ae fdeojbc%

    Rc od `j~c j m`damc+ jeo sktaijtckq+ at"} j idvjk m`damc% M`dd}c fdeojbc dv m`dd}c

    kafcvtq%

    Mdic dst dn `cv+ iq |cd|kc+ }d t`jt qds rakk edt }`jvc ae `cv }ae}+ }d t`jt qds

    rakk edt vcmca~c jeq dn `cv |kjbsc}8 ndv `cv }ae} jvc |akco s| td `cj~ce+ jeo Bdo

    `j} vcicifcvco `cv mvaic}% ) Vc~ckjtade :07?)3

    An rc j} j ejtade jvc td j~dao cmdediam mdkkj|}c jeo fcbae td cegdq t`c ~a}ade dn dsv

    esnjmtsvco \vd}|cvatq `tt|7$$rrr%gcvciaj`|vdgcmt%mdi$ecrrdvkodvocv$|vd}|cv%`tik

    n 66 60$

  • 7/31/2019 Manufactured Prosperity: Central banking, rising prices, rising taxes,rising debt, rising poverty

    20/22

    ndseocv}+ rc is}t%%%

    Vc}tdvc Jicvamj"} dvabaejk mde}tatstadejk idectjvq }q}tci dn }ak~cv jeo bdko

    mdaejbc% _`c S] Mde}tatstade `j} ec~cv fcce jiceoco td jkkdr jeqdec dt`cv t`je

    Mdebvc}} td mdae jeo vcbskjtc msvvcemq%

    Ae}a}t rc vctsve td je `dec}t }q}tci dn rcab`t} jeo icj}svc}%

    Ocijeo t`jt jkk t`c |j|cv msvvcemac} dn |va~jtc fjeh} fc tvsc naosmajvq ideac} )

    t`jt a}+ fc vcoccijfkc ae }ak~cv dv bdko+ dv }dic dt`cv mdiidoatq rat` aetvae}am

    ~jksc%

    Vc|cjk t`c semde}tatstadejk kcbjk tceocv kjr} ndvmaeb matawce} td jmmc|t rdvt`kc}}|j|cv idecq j} |jqicet jeo vc}sic t`c |vjmtamc dn s}aeb kjrnsk idecq (bdko jeo

    }ak~cv! j} t`c dekq kcbjk tceocv msvvcemq%

    Oa}ijetkc t`c aemc}tsds} jeo mdvvs|t vckjtade}`a| fctrcce t`c ejtadejk

    bd~cveicet jeo t`c fjehaeb aeos}tvq t`vdsb` t`c Ncocvjk Vc}cv~c ]q}tci+ t`c

    Ncocvjk Oc|d}at Ae}svjemc Mdv|dvjtade+ jeo }d de%

    Jfdka}` ae`cvcetkq nvjsoskcet nvjmtadejk)vc}cv~c fjehaeb%

    Ceo t`c bd~cveicet"} s}c dn t`c idectjvq jeo fjehaeb }q}tci} td &vcbskjtc& t`c

    cmdediq jeo td ai|d}c |cv~j}a~c |dkamc)}tjtc }sv~cakkjemc de aeoa~aosjk}%

    Aeoa~aosjkkq+ rc mje fcbae td tjhc idvc vc}|de}afakatq ndv dsv dre cmdediam nstsvc%

    ]td| aiicoajtckq aemsvvaeb ecr ocft% An qds"vc edr ae ocft+ bct dst%

    R`akc rc }takk mje%%% rc }`dsko fc fsqaeb |`q}amjk bdko jeo }ak~cv j} t`c }tdvc`ds}cdn dsv rcjkt`% R`akc edt fcaeb vcjk Mde}tatstadejk idecq+ dreaeb bdko . }ak~cv

    fskkade vc|vc}cet} t`c id}t sea~cv}jkkq tvs}tco ndvi dn }j~aeb} fcmjs}c bdko .

    }ak~cv mdetaesc td fc t`c id}t raockq vcmdbeawco ndvi dn idecq% Sekahc najt

    msvvcemq jeo }dic }tdmh ijvhct ae~c}ticet}+ bdko jeo }ak~cv rakk ec~cv kd}c JKK at}

    ~jksc%

    _`c Jicvamje ]ak~cv Cjbkc a} t`c dnnamajk }ak~cv fskkade mdae

    dn t`c Seatco ]tjtc}+ nav}t vckcj}co fq t`c Seatco ]tjtc} Iaet

    de Ed~cifcv 6?+ :10>% Jicvamje Cjbkc ]ak~cv fskkade mdae}

    jvc jnndvojfkc ae~c}ticet} jeo kcbjk tceocv rat` j ediaejk

    njmc ~jksc dn dec odkkjv% Jfd~c jkk+ t`cq"vc t`c dekq }ak~cv

    fskkade mdae} r`d}c : tvdq dw% rcab`t jeo 11%1# |svc }ak~cv

    |svatq jvc bsjvjetcco fq t`c Seatco ]tjtc} Bd~cveicet%_`cq"vc jk}d t`c dekq }ak~cv mdae} jkkdrco ae je AVJ%

    _`c Jicvamje Bdko Cjbkc a} je dnnamajk bdko fskkade mdae dn

    t`c Seatco ]tjtc}+ jst`dvawco seocv t`c Bdko Fskkade Mdae

    Jmt dn :103+ jeo nav}t vckcj}co fq t`c Seatco ]tjtc} Iaet ae

    :10>% Dnncvco ae :$:< dw+ :$? dw+ :$6 dw+ jeo : dw

    ocediaejtade}+ t`c}c mdae} jvc bsjvjetcco fq t`c S%]%

    bd~cveicet td mdetjae t`c }tjtco jidset dn jmtsjk bdko

    rcab`t ae tvdq dsemc}% _`c}c mdae} jvc ijoc rat` bdko nvdi

    }dsvmc} ae Jicvamj+ rat` je jooatadejk jkkdq dn }ak~cv jeo

    md||cv td |vdosmc j idvc rcjv)vc}a}tjet mdae dn %1:>2 (66

    hjvjt+ r`am` `jo kdeb fcce t`c mvdre bdko Cebka}` }tjeojvondv bdko mdae}!%

    _`c Jicvamje Fsnnjkd+ jk}d hedre j} j Bdko Fsnnjkd+ a} j

    6?)hjvjt bdko fskkade mdae nav}t dnncvco ndv }jkc fq t`c Seatco

    ]tjtc} Iaet de Gsec 66+ 6+ 6

  • 7/31/2019 Manufactured Prosperity: Central banking, rising prices, rising taxes,rising debt, rising poverty

    21/22

    |kjtaesi jeo |jkkjoasi% _`c }ak~cv Ij|kc Kcjn mdae mdetjae}

    dec tvdq dsemc dn |svc %1111 naec (dv &ndsv)eaec}&! }ak~cv+

    ijhaeb at t`c |svc}t dec)dsemc }ak~cv mdae |vdosmco fq jeq

    bd~cveicet iaet jeqr`cvc ae t`c rdvko+ jeo a} j kcbjk

    tceocv mdae rat` j njmc ~jksc dn na~c Mjejoaje odkkjv}%

    _`c 0

  • 7/31/2019 Manufactured Prosperity: Central banking, rising prices, rising taxes,rising debt, rising poverty

    22/22

    _`a} }atc rj} oc}abeco jeo a} ijaetjaeco fq ^am F ak}de :11>)6