Editorial Reviews. From Publishers Weekly. A bestseller overseas, Sussman's follow-up to The Lost Army of the Cambyses opens at Jerusalem's Holy Temple in. He brought this interest and enthusiasm to his novels – The Lost Army of Cambyses, The Last Secret of the Temple, The Hidden Oasis and The. Secrets of the Temple: . the lender of last resort for the American economy. .. the Fed was chasing its own tail, responding to the lagged effects of its last.
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The last secret of the temple. byPaul Sussman. Publication date For print- disabled users. Borrow this book to access EPUB and PDF files. The last secret of the temple. bySussman, Paul. Publication date For print- disabled users. Borrow this book to access EPUB and PDF files. In the year 70 AD, as the Romans sacked and destroyed the Holy Temple in Jerusalem, a young Jewish boy was hidden away and chosen as the guardian of a.
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The constituents of Fed Chairman Alan Greenspan are commercial bankers and the government, not depositors or citizens, and the Fed's actions are primarily motivated by the interests of Washington and the big money-center banks. Inflation benefits the Fed and its constituents as counterfeiting benefits a counterfeiter and his gang. The private counterfeiter, however, is a relatively minor criminal; the Fed does exactly what the counterfeiter does, but massively and on a worldwide scale.
As in so many other areas, what is rightly condemned in the private sector is lauded in the public. Greider calls inflation. Average taxpayers are harmed in at least five ways: first, since they receive new Fed money last, they can spend it only after prices have gone up; second, they pay a hidden tax of currency debasement on their dollar-denominated savings; third, they pay a direct tax for the salaries and perks of the bureaucrats, politicians, and welfare recipients whose incomes are indexed to inflation; fourth, they suffer the consequences of inflation-caused recessions and depressions; and five, they lose some of their liberty, since inflation strengthens the government at the expense of individual freedom.
The poor, despite Greider, are harmed especially. The inflation-fueled growth of government creates more hungry and homeless by decreasing general prosperity and opportunity.
Then, only the smart, well-educated, and healthy can get ahead. Those most in need of a charitable helping hand are instead kicked in the teeth by Washington, D. Inflation also increases the costs to the poor of becoming independent from the dole.
However, like so many negatives for the people, this is a benefit for the government. By enlarging the dependent class, inflation justifies even more "poverty" programs actually designed to benefit bureaucrats, social workers, Medicaid doctors, D. Inflation, by illegitimately transferring wealth to the government-connected, also helps cement present social stratifications in place. The bigger government is, the fewer Horatio Algers there are.
People who get to the top through force and fraud prefer it that way. Inflation can help debtors by stealing from savers —one of its great advantages, according to Greider—but it mainly aids the greatest debtor of them all, big government, which is always and everywhere the enemy of the poor.
Then there is the business cycle, which even a little inflation will cause. In the free market, interest rates are determined by consumer preferences for savings over consumption. In the days of a real U. The Austrian theory of the business cycle, developed by Ludwig von Mises, shows that when the Fed artificially lowers interest rates by injecting credit into the banking system, it gives businessmen the same signal as if people decided to save more of their incomes.
In response, companies invest in processes to produce goods for later download by consumers with their larger savings.
But when businessmen seek to market these goods, they find the demand isn't there. Consumers haven't saved enough, and the investments were what Mises called "malinvestments"—those unjustified by real economic conditions. The result is a bust.
Any amount of new Fed money and credit will lead to these malinvestments, despite the claim of Greider and of Milton Friedman that recessions only occur when the Fed steps on the brakes. The monetarist notion of increasing tht, money supply every year by 3. Only zero inflation will do.
By the way, despite Friedman, there is nothing wrong with the Fed's stopping the flow of money and credit to end the boom, as happened in The wrong was the inflation that took place during the s, and the Hoover-Roosevelt policies that prevented a recovery for over a decade.
The original culprit, of course, was the existence of an institution able to cause all this trouble. Greider hates deflation, but it is the natural, healthy condition of the market. With the money supply relatively stable under a gold standard and the production ofgoods and services increasing, the dollar downloads more. Prices gently fall imagine the VCR situation extended to the whole market and real wages increase. That's what happened to our country in the 19th century, and it brought about the greatest economic growth in history.
Greider, good journalist that he is, does provide compelling accounts of the Fed's Continental Illinois and Mexican debt bailouts, and new evidence that "Arthur Bums Senators and presidential advisers" during the recessions of the early 80s, and tells how the officers of Volcker's old employer, Rockefeller's Chase Manhattan Bank, persuaded him to loosen the money supply.
Greider criticizes the quantity theory of money as a "simple answer to bewildering complexities," and cites money supply statistics from the s and s that use M-1 as a base. But the "money supply" in these years can hardly be summarized by M-1 because of financial deregulation and the Fed's propensity to keep changing its statistical bases to hide its activities.
Greider does have one point, however: most economists do oversimplify the quantity theory of money. It appears to be an open-and-shut case but the more Inspector Yusuf Khalifa of the Luxor police uncovers about the dead man, the more uneasy he becomes. And his investigation turns out to be anything but routine.
Khalifa doesn't know it yet, but he is on the trail of an extraordinary long-lost artifact that could, in the wrong hands, turn the Middle East into a blood bath.
It's a dangerous path he's taking - and to make matters worse, he's not alone From ancient Jerusalem, the Crusades, Cathar heretics and coded medieval manuscripts to the Holocaust, hidden Nazi treasure and the murderous present-day, The Last Secret of the Temple is a thrilling, rollercoaster ride of adventure in search of a two thousand year-old mystery and a pulse-pounding race against time.
From an early age his abiding passion was archaeology and he worked in the field, in particular in Egypt where he was part of the first team to excavate new ground in the Valley of the Kings since the discovery of Tutankhamun's tomb in He brought this interest and enthusiasm to his novels — The Lost Army of Cambyses, The Last Secret of the Temple, The Hidden Oasis and The Labyrinth of Osiris — which have been translated into over 30 languages and have sold over three million copies. Paul died suddenly in May , aged He is survived by his wife, a television producer, and their two sons.
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