Chart usGOLD   Chart usSILVER  
 
Food for thought
The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it.
John Kenneth Galbraith  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1286.900.26
Silver 19.460.00
Platinum 1416.70-2.80
Palladium 905.401.50
WORLD MARKETS
DOWJONES 1709815
NASDAQ 458023
NIKKEI 1547752
ASX 56295
CAC 40 4380-1
DAX 94799
HUI 2463
XAU 1021
CURRENCIES (€)
AUS $ 1.4065
CAN $ 1.4271
US $ 1.3127
GBP (£) 0.7904
Sw Fr 1.2073
YEN 136.9620
CURRENCIES ($)
AUS $ 1.0716
CAN $ 1.0871
Euro 0.7618
GBP (£) 0.6021
Sw Fr 0.9195
YEN 104.3330
RATIOS & INDEXES
Gold / Silver66.13
Gold / Oil13.44
Dowjones / Gold13.29
COMMODITIES
Copper 3.140.00
WTI Oil 95.741.19
Nat. Gas 4.050.00
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
In the same category
The Fed's one great success
Published : December 10th, 2009
340 words - Reading time : 0 - 1 minutes
( 0 vote, 0/5 ) Print article
 
    Comments    
Tweet
Keywords :   Federal Reserve | Monetary Policy |

 

 

 

 

Jörg Guido Hülsmann is senior fellow of the Mises Institute and author of Mises: The Last Knight of Liberalism and The Ethics of Money Production. (See my review of the latter here.) He teaches in France, at Université d'Angers. In a commentary on the alleged independence of the Fed, he writes:

 

The Fed has had one great success: it is by far the largest funder of academic research in monetary and macroeconomics, employing hundreds of economists, financing conferences and seminars, providing paid consultancies, and so on. Is it any wonder that the majority of academic monetary and macroeconomists support the status quo?

 

By this he is referring to the 270 economists who have signed an "open letter" supporting the Fed's independence from serious audits. According to this letter, "Economic theory and a massive body of empirical evidence provide strong support for the independence of central banks in their conduct of monetary policy."

How can an institution be "independent" when it was created and is sustained by politicians? As Hülsmann notes, "A government bureaucracy that cannot function unless it is shrouded in secrecy and is not held accountable to the elected representatives of the people has no place in a free society."

I like
Gary North's suggestion:

 

I, for one, do not trust Congress to be in charge of monetary policy. But I do not argue that the Federal Reserve System should maintain its independence from the Federal government. I maintain that it should be made completely independent of the Federal government: cut loose and left to fend for itself, just as the Second Bank of the United States was in 1836. It went bust. (emphasis added)

 

Please indicate your support of the Paul - Grayson bill to Audit the Fed by adding your signature here.

 

George F. Smith

 

Read  his book : The Flight of the Barbarous Relic

 

Visit his website

Read his blog

 

 

George F. Smith is the author of The Flight of the Barbarous Relic, a novel about a renegade Fed chairman and the editor of Barbarous Relic.com.

 

 

 

 

 

 

 

Tweet
Rate :Average note :0 (0 vote)View Top rated
Previous article by
George F. Smith
All articles by
George F. Smith
Next article by
George F. Smith
Receive by mail the latest articles by this author  
Latest comment posted for this article
Be the first to comment
Add your comment
TOP ARTICLES
Editor's picks
RSS feed24hGold Mobile
Gold Data CenterGold & Silver Converter
Gold coins on eBaySilver coins on eBay
Technical AnalysisFundamental Analysis

George F. Smith

George F. Smith is the author of The Flight of the Barbarous Relic, a novel about a renegade Fed chairman and the editor of Barbarous Relic.com.
George F. Smith ArchiveWebsite
Most recent articles by George F. Smith
7/2/2014
7/1/2014
6/17/2014
6/2/2014
5/22/2014
All Articles
Comment this article
You must be logged in to comment an article8000 characters max.
 
Sign in
User : Password : Login
Sign In Forgot password?
 
Receive 24hGold's Daily Market Briefing in your inbox. Go here to subscribe or unsubscribe.
Disclaimer