LETTER: Dollar might get weaker, but who is to blame for its worth?
|
Print
E-mail
share
In response to Quincy Miller's Feb. 5 commentary "Corrupt businesses can't be trusted in free market:"
Miller's column is so full of misunderstanding and hypocrisy that it's overwhelming.
Miller argues for a government-controlled market and then criticizes the Federal Reserve for cutting interest rates (which is government control). Miller accuses capitalists of "worshipping at the altar of The Almighty Dollar" but most economists would argue that money does have something to do with our economy, so perhaps those capitalists aren't too far off. Miller claims the free market only works for "fat executives," yet the average American is looking pretty good compared with those living in socialist countries, all of which have a per capita GDP of less than $4,500.
Miller cites the Enron scandal as a failure of the free market and calls for more transparancy, but fails to mention the laws created as a result of the scandal, such as the Sarbanes-Oxley Act, which greatly increases business transparancy, provides stronger penalties for fraud and requires internal financial control procedures to be audited.
I do agree with Miller that business and government transparency is a good thing, and it's true that our economy is doing poorly.
The economy suffers from a weak dollar brought on by not being backed by anything except our government's promise, which is weakening because of a massive national debt and wasteful spending overseas. It also suffers from manipulation of interest rates by the Federal Reserve and will soon suffer from Bush's stimulus package, under which the government will print up $150 billion to hand out to us, which will of course weaken the dollar further. I wish we had a free market economy.
James Adams
Junior
Business Management
Miller's column is so full of misunderstanding and hypocrisy that it's overwhelming.
Miller argues for a government-controlled market and then criticizes the Federal Reserve for cutting interest rates (which is government control). Miller accuses capitalists of "worshipping at the altar of The Almighty Dollar" but most economists would argue that money does have something to do with our economy, so perhaps those capitalists aren't too far off. Miller claims the free market only works for "fat executives," yet the average American is looking pretty good compared with those living in socialist countries, all of which have a per capita GDP of less than $4,500.
Miller cites the Enron scandal as a failure of the free market and calls for more transparancy, but fails to mention the laws created as a result of the scandal, such as the Sarbanes-Oxley Act, which greatly increases business transparancy, provides stronger penalties for fraud and requires internal financial control procedures to be audited.
I do agree with Miller that business and government transparency is a good thing, and it's true that our economy is doing poorly.
The economy suffers from a weak dollar brought on by not being backed by anything except our government's promise, which is weakening because of a massive national debt and wasteful spending overseas. It also suffers from manipulation of interest rates by the Federal Reserve and will soon suffer from Bush's stimulus package, under which the government will print up $150 billion to hand out to us, which will of course weaken the dollar further. I wish we had a free market economy.
James Adams
Junior
Business Management
Comments