This story was previously titled "Michael J. Panzner: How Long Before the Fed's Days Are Numbered?"
How Long Before the Fed's Days Are Numbered? »
Posted By tadair919 4 months ago in Political NewsIt's no stretch to say the Federal Reserve is garnering a lot of attention these days. ...
But few seem to be asking what I believe is the key question: how long before the Fed's days are numbered?
The truth is that, aside from those periods when conditions and markets have set out a relatively easy path for central bankers to follow, the Federal Reserve has not lived up to its mission or its promise.
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nostalgia4 months ago
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FTA:
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America's central bank hasn't just failed in its economic mission. It's track record as a regulator also leaves a lot to be desired. Among the many questions people should -- and will -- be asking is: how come the Fed was ignorant of and did little to rein in the leverage and lending misadventures of America's banks, many of which have long had Federal Reserve examiners ensconced in their offices? Moreover, how is it that an institution that should have known about the intricacies of derivatives was so oblivious to the threats posed by these "weapons of financial mass destruction"?
The truth is, aside from those periods when conditions and markets have set out a relatively easy path for central bankers to follow, the Federal Reserve has not lived up to its mission or its promise.
That sums it up pretty well
It isn't just Ron Paul in the House (one report I heard said Pelosi is blocking the bill from coming to the floor), in the Senate Senators Sanders and Demint have a similar bill
When you see these 2 Senators coming together to sponsor legislation you know there is a problem that needs to be addressed -
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canadianrancher574 months ago
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I enjoyed the article and agree with many of the points in it, like corporate American surviving on government handouts, also even Greenspan stated once that he was not sure of derivatives or how they even worked.
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I am not sure that an economy can work with the idea of a fixed amount of money since economies have many different parts to them and are ever changing, but at time we have new technology entering without old technologies leaving so limiting money supply would cause a real demand which would increase interest rates and stall progress.
The measures that are being used by the fed to stablize the economy right now are a joke and these guys don't have a clue what the solution is, money was printed in the US and in Many other countries of the world to sustain speculation and also a standard of living which in many cases was not supported by the production of goods or services. The fed has become an institution which is not concerned about the well being of the country but only itself.-
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tadair9194 months ago
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greenspan once argued persuasively in favor of a gold standard and against the concept of a central bank. read his essay here: http://www.usagold.com/gildedopinion/greenspan.htm...
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snippets:
"It is necessary first to understand the specific role of gold in a free society."
"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation"
"This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights."
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tadair9194 months ago
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LIVE on CSPAN right now! Financial Committee Hearing on Auditing the Federal Reserve.
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Today's hearings on Federal Reserve policy will also be used to introduce HR1207 for debate by the members of the House Financial Services Committee. This will be a landmark day for the movement to open the books on the untouchable Central Bank.
http://cspan.org/Watch/Media/2009/07/09/HP/R/20584...
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