“No scheme which has ever been devised by them has ever made a collapsed boom go up again.”

Booms seem to collapse on the back of easy credit. The last 10 (or more) years of The Fed's activities are the most recent example. Wake up America...you're being turned into economic slaves with no control of your own future.

Banks ! are just like our home safe-vaults. What with all the ups and downs of interest rates.. It's your money capital that you would be safeguarding. ... and that again provided: they safety vaults at the Bank or the guard are suffieciently robber-proof !!!! All thri instrument variations and othr fiscal jargaon not withstanding !!!!!!!

This was obviously written two centuries ago (21, 20, 19th) and Sumner never learned of the Fed or the succes of US monetary policies. Most or at least many knowledgeable folk say that the bailouts here and abroad saved the world from financial disaster and have led to a recovery. So Sumner is wrong and he gets and F here.

Speaking of schemes, how about these "stimulus " schemes coming from Obama, Reed, Pelosi, and the rest of the usual suspects. How this crowd can say they are saving or creating jobs, and say it with straight faces, is a mystery. Hitler knew that if you tell a BIG lie and keep repeating it, knuckle heads like Waffler and Reston will eventually believe it. Be sure and wear your hip boots if you watch Obama and his State of The Union address tomorrow. It's apt to get a little deep, if you know what I mean.

Economic booms and busts are primarily caused by scrapping honest money (like gold and silver) for interest-bearing commercial paper that can be expanded and contracted at will by the currency's issuer. The US has had several central banks in its history, each having been closed down after having ruined millions of people and indebted the country. Sumner surely would have first hand knowledge of the disastrous effects on the economy by these banks. After the civil war Garfield tried to reign in these banking practices -- he unfortunately was assassinated in 1881. Sumner was a history and sociology professor at Yale, so contrary to Waffler's simplistic analogy, Sumner was a highly educated man and knew of what he spoke. Waffler, I suggest studying history before exposing your lack of intelligence. A bust is the only way to correct a bubble of nothing but air. The best thing the government can do is to let the bubble burst and prohibit the use of debt currency. Close down the Fed.

Amen Archer, close down the Fed. And every other central communist bank.

Sumner and this quote was before the Fed existed.

There had already been a first and a second Bank of the United States which had 20 year charter renewable at the government's option. Andrew Jackson fought and temporarily won the battle to not renew the second bank. The United States Banks were very similar to the Fed. The Fed is simply the third iteration of the bankster's scam.

The bold effort the present (central) bank had made to control the government ... are but premonitions of the fate that await the American people should they be deluded into a perpetuation of this institution or the establishment of another like it.~ Andrew Jackson. ~ Geez Waffler I thought you were some sort of history buff...and here you didn't know that Hamilton instituted the first central bank as a slush fund for him and his rich buddies...and it still goes on today.

Waffler, the Fed exacerbates the problem (i.e. the great depression, the great recession, etc.).

I'd more appreciate the quote if I understood the word "them;" or as my well-educated father would have said, "What's the antecedent of 'them' ?"

Injection of non-interest bearing notes back by gold/silver, assure each individual equity of exchange. Honest economics based on mathematics, Not political microeconomics. Considering the arrogance of wealth and position, ( Them ) European and Middle Eastern families of wealth, passed down generation to generation, staking claim to the enslavement of future generations of the commoner at Liberty. The ability to create wage slaves, proletariats has been a common practice of monarchal rule for thousands of years !! The agrarian uprisings in Europe and throughout the world, are historical fact ! That is why natural laws of economics ( Austrian School ) are looked down upon by the banking and merchandising monopolies of the world today. ( Them ) as also a reference to ( Imperialist ), wishing to expand territory such as the Philippines, based on economic and humanitarian causes. Rather than promoting ideals of self government, derived from our Declaration of Independence. Consent of the governed. Our true Republicanism.

Just a note, In the USA, most of the contention and strife can be traced to the split within Germany, in and around 1450 to 1600. The reformation. Families lines tied to ancient religious sects of Italy. The Roman empire, and the Eleusinian mysteries. This does not exclude the Syrian Jews and their ability to monopolize on banking and merchandizing world wide.