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Another expression of domain dependence…

Another expression of domain dependence: ask an U.S. citizen if some semi-governmental agency with a great deal of independence (and no interference from Congress) should control the price of cars, morning newspapers, and Malbec wine, its domain of specialty. They would jump in anger, as it appears to violate every principle the country stands for, and call you a communist post-Soviet mole for almost suggesting such a thing. OK. Then ask him if that same government agency should control foreign exchange. Same reaction, this is not France. Then very gently point out to him that the Federal Reserve Bank of the United States is in the business of controlling and setting the price of another good, another rate, called lending, the interest rate in the economy. The libertarian presidential candidate Ron Paul was called a “crank” for suggesting the abolition of the Federal Reserve, but he would also been called a crank had he suggested the installation of a new governmental agency for controlling and “managing” foreign exchange, mainly the rate of the dollar against the Euro and the Mongolian Tugrit. You can only become intellectually an adult, so to speak, if you break through domain dependence.

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