Monetarism: Difference between revisions

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Monetarism is an economically right ideology, whose general economic theory was created by Milton Friedman to cure inflation. He believes that the government's primary role in the economy should be monetary policy with the goal of keeping inflation under control. Specifically, he thinks that there should be a very low inflation rate (1%-3%), and he wants this to be as stable as possible, since it being stable eliminates the market distortion both non-stable inflation/deflation brings. In modern times, several Monetary Authorities, notably Former Federal Reserve Chair and Nobel Prize winner Ben Bernanke, have been monetarists. Monetarist policies were used by Bernanke during the 2008 Great Recession with expansion of QE (Quantitative Easing) and the overall expansion of Money Supply.

History

The Federal Reserve Under Ben Bernanke (2006-2014)

Ben Bernanke was elected by President George H.W Bush along with the U.S Senate as Federal Reserve Chair on February 1st of 2006, succeeding the acclaimed Chair Alan Greenspan. Bernanke himself was considered an Orthodox Monetarist, and his skill was soon put to the test two years after his appointment during the 2008 Housing Crisis. The Federal Reserve ramped up Money Printing, as well as QE, in an attempt to stabilize the economy and ease off the pain caused by MBS. While most economists call the Federal Reserve's efforts a success, a few others, such as the staunch anti-fiat-currency Representative Ron Paul, criticized the Fed and Bernanke for the ensuing stagflation of 2012.

While controversial in extremely libertarian or leftist circles, most consider the chairmanship of Ben Bernanke to have had a positive effect. He was succeeded by Janet Yellen, one of his deputies, in early January of 2014.

Beliefs

Monetarism is an approach to Macroeconomics which stresses a large focus upon Monetary Policy instead of Fiscal Policy, in contrast to Keynesianism. Monetarism prefers Monetary Policy over Fiscal due to its belief that Monetary Policy is significantly easier to change than Fiscal Policy, and can have a far greater effect on the most important issue (to him) which is inflation. While Monetarism is quite different from Keynesianism, they both hold the axiomatic beliefs of Central Banking, Fiat Currency and so forth, and are usually combined in some form.

Personality and Behaviour

Monetarism is a specter of ancient theory (circa 1950) that occasionally is summoned by nations being plagued by high inflation and prices. After possessing a local central banker, he will destroy printers as penance to Milton Friedman, hoping that he will come back to life in full glory and usher in a new era of economic. He shall continue to offer up printers, non believers, and monetary workers until his messiah returns. Since this has yet to happen, all he usually has to show is better economic policy. After a few years, he is eventually exorcised from his host once they order a new printer.

How to Draw

Draw a ball,
Draw a red stripe through the middle vertical third of the ball,
Draw blue lines on both edges of the red stripe,
Draw the eyes and you're done!

Color Name		HEX	RGB
	Red	#D90200	217, 2, 0
	Blue	#416494	65, 100, 148

Relationships

Friends

Chicagoan Libertarianism - My dad who neglects me at times.
Fiscal Conservatism - We agree that economic policies must be fiscally responsible and long-term sustainable.
Classical Conservatism - Enoch Powell is a great pal.
New Keynesianism - Keynesianism but better!

Frenemies

Hayekism - Free Banking doesn't prevent inflation.
Keynesianism - He believes the government should focus on government spending in times of crisis, I think the government should focus on money supply. Overall we still agree on central banking and the like, so we respect each other.

Enemies

Mugabeism - GET AWAY FROM THAT PRINTER.
Austrolibertarianism - Is gold money? No. No it is not.

Further Information

Literature

Wikipedia

Gallery

Template:Rightunity <comments />

MonetaryPolicyEnjoyer - Broke it temporarily, sorry for the inconvenience.

@@ Line 19: / Line 19: @@
 [[File:Nordmodel.png]] [[Nordic Model]] (in 80s and 90s)<br>
 [[File:EnochPowell.png]] [[Classical Conservatism|Powellism]]}}
-'''Monetarism''' is an economically [[file:Cap.png]] [[Capitalism|right]] ideology, whose general economic theory created by [[File:Chilib.png]] [[Chicagoan Libertarianism|Milton Friedman]] to cure inflation. He believes that inflation, even though being really bad, the government's only role as far as monetary policy is the matter should be to maintain inflation under control, they think that there should be a very low inflation rate (1%-3%) but as stable as possible, since it being stable eliminates the market distortion both non-stable inflation/deflation brings. In modern times, several Monetary Authorities, notably Former-FED Chair Ben Bernanke, have been noted Monetarists. Monetarist Policies were used by Bernanke during the 2008 Housing Crisis with expansion of QE (Quantitative Easing) and the overall expansion of Money Supply.
+'''Monetarism''' is an economically [[file:Cap.png]] [[Capitalism|right]] ideology, whose general economic theory was created by [[File:Chilib.png]] [[Chicagoan Libertarianism|Milton Friedman]] to cure inflation. He believes that the government's primary role in the economy should be monetary policy with the goal of keeping inflation under control. Specifically, he thinks that there should be a very low inflation rate (1%-3%), and he wants this to be as stable as possible, since it being stable eliminates the market distortion both non-stable inflation/deflation brings. In modern times, several Monetary Authorities, notably Former Federal Reserve Chair and Nobel Prize winner Ben Bernanke, have been monetarists. Monetarist policies were used by Bernanke during the 2008 Great Recession with expansion of QE (Quantitative Easing) and the overall expansion of Money Supply.
 ==History==
 ===The Federal Reserve Under Ben Bernanke (2006-2014)===
-Ben Bernanke was elected by President George H.W Bush along with the U.S Senate as Federal Reserve Chair on February 1st of 2006, succeeding the acclaimed Chair Alan Greenspan. Bernanke himself was considered an Orthodox Monetarist, and his skill was soon put to the test 2 Years after his Appointment during the 2008 Housing Crisis. The Federal Reserve ramped up Money Printing, as well as a Monetary Policy known as Quantitative Easing, or QE, whereby the Federal Reserve purchased several Mortgage-Backed Securities to pump money into the economy, as well as ease off the pain caused by MBS. While many economists call the Federal Reserve's efforts a success, many others, such as Anti-Fed Representative Ron Paul, criticized the FED and Bernanke for the ensuing Stagflation of 2012.
+Ben Bernanke was elected by President George H.W Bush along with the U.S Senate as Federal Reserve Chair on February 1st of 2006, succeeding the acclaimed Chair Alan Greenspan. Bernanke himself was considered an Orthodox Monetarist, and his skill was soon put to the test two years after his appointment during the 2008 Housing Crisis. The Federal Reserve ramped up Money Printing, as well as QE, in an attempt to stabilize the economy and ease off the pain caused by MBS. While most economists call the Federal Reserve's efforts a success, a few others, such as the staunch anti-fiat-currency Representative Ron Paul, criticized the Fed and Bernanke for the ensuing stagflation of 2012.
-While controversial in many circles, most Economists call the Chairmanship of Ben Bernanke a relative success. He was succeeded by Janet Yellen, one of his deputies, in early January of 2014.
+While controversial in [[File:Ancap.png]] [[Anarcho-Capitalism|extremely libertarian]] or leftist circles, most consider the chairmanship of Ben Bernanke to have had a positive effect. He was succeeded by Janet Yellen, one of his deputies, in early January of 2014.
 ==Beliefs==
-Monetarism is an approach to Macroeconomics which stresses a large focus upon Monetary Policy instead of Fiscal Policy, in contrast to [[File:Keynes.png]] [[Keynesianism]]. Monetarism prefers Monetary Policy over Fiscal due to its belief that Monetary Policy being significantly easier to change than Fiscal Policy, coupled with its usual dislike for government spending. While Monetarism is technically in contrast to Keynesianism, they both hold the beliefs of Central Banking, Fiat Currency and so forth.
+Monetarism is an approach to Macroeconomics which stresses a large focus upon Monetary Policy instead of Fiscal Policy, in contrast to [[File:Keynes.png]] [[Keynesianism]]. Monetarism prefers Monetary Policy over Fiscal due to its belief that Monetary Policy is significantly easier to change than Fiscal Policy, and can have a far greater effect on the most important issue (to him) which is inflation. While Monetarism is quite different from Keynesianism, they both hold the axiomatic beliefs of Central Banking, Fiat Currency and so forth, and are usually combined in some form.
 == Personality and Behaviour==
-Monetarism is a specter of theory that occasionally is summoned by nations being plagued by high inflation and prices. Once possessing policy he will destroy printers as penance to [https://en.wikipedia.org/wiki/Milton_Friedman Milton Friedman] begging for his return to Monetarist ideals believing they shall be repaired and print modestly during his second coming. He shall continue to offer up printers, non believers, monetary workers until his messiah returns. Since this has yet to happen he is eventually exorcised from his host once they order a new printer or begin increasing their money supply in any way.
+Monetarism is a specter of ancient theory (circa 1950) that occasionally is summoned by nations being plagued by high inflation and prices. After possessing a local central banker, he will destroy printers as penance to [https://en.wikipedia.org/wiki/Milton_Friedman Milton Friedman], hoping that he will come back to life in full glory and usher in a new era of economic. He shall continue to offer up printers, non believers, and monetary workers until his messiah returns. Since this has yet to happen, all he usually has to show is better economic policy. After a few years, he is eventually exorcised from his host once they order a new printer.
 ==How to Draw==
@@ Line 59: / Line 59: @@
 === Frenemies===
-*[[File:Austrobert.png]] [[Austrolibertarianism]] - Gold isn't a good currency.
 *[[File:Hayek.png]] [[Hayekism]] - Free Banking doesn't prevent inflation.
-*[[File:Keynes.png]] [[Keynesianism]] - He believes the Government should focus on Government Spending in times of crisis, I think the Government should focus on Money Supply. Overall we still agree on Central Banking and the such, we respect eachother.
+*[[File:Keynes.png]] [[Keynesianism]] - He believes the government should focus on government spending in times of crisis, I think the government should focus on money supply. Overall we still agree on central banking and the like, so we respect each other.
 ===Enemies===
 *[[File:Mug.png]] [[Mugabeism]] - GET AWAY FROM THAT PRINTER.
+*[[File:Austrobert.png]] [[Austrolibertarianism]] - Is gold money? No. No it is not.
 ==Further Information==

Monetarism: Difference between revisions

Revision as of 16:22, 10 October 2022

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