The Count of Oropesa, more than four and a half centuries ago had a passion to reform the world. A Spanish saint, San Pedro of Alcantara, gave him the kind of counsel I am urging on everyone who would advance Liberty.
May your Lordship not torment yourself: there is a remedy for this deluge of crimes. Let us be, you and me, that which we should be. There will be two less souls to convert. Let each person behave thus: it is the most efficacious of reforms. The trouble is, that no one wants to correct himself and everyone meddles at correcting others: thus everything stays as is. –Leonard Read
LMCM August Note page 6 on future expectations.
Agricultural Prices Where money is going…
Excess Reserves: The key is not what banks put excess reserves in, but that they are moved out of excess reserves. Remember, excess reserves are funds
sitting at the Fed and not in the system. Even if banks take the money
out of excess reserves and buy Treasury bills, they are buying the
bills from someone and thus putting the money in the system. This is
what will cause the price inflation, even if T-bill rates go down
short-term. Bottom line: If enough money comes out of excess reserves,
the price inflation will be huge. Remember, there is more than $1.5
trillion sitting there. (Watch for Bank lending growth)