In the same category

The Fed's one great success

IMG Auteur
Published : December 10th, 2009
340 words - Reading time : 0 - 1 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : Editorials

 

 

 

 

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.

 

 

 

 

 

 

 

Data and Statistics for these countries : France | All
Gold and Silver Prices for these countries : France | All
<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
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.
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
What kind of person runs for public office ?
17 OctThemis
I liked the use of the self-actualization chart within the context of politicians and their motives. It probably applies to many in Hollywood as w...
The Silliness of the Bretton Woods Years
16 OctThe Recusant
KUDOS! The book is anti-gold slanted throughout and subtly mocks those that value gold as seen in that silly Las Vegas Golden Rooster tale. As I pr...
The Future (Not)
14 OctS W.-1
I have it on good authority that the Aliens living in Antarctica have discovered a way of turning Ice into Oil. All we have to do to secure ou...
Betrayal!
09 OctThemis1
I agree 100% with all the points you made. You have summarized my own anger and the reasons for it. My only consolation is that I believe the eli...
A silver price-suppression theory gets debunked
07 OctDoom
I think he linked the wrong article, because there's minimal facts and logic there relevant to price suppression. It's a shame, because I really wo...
Light It Up
07 OctThemis
I keep wondering whether the US is fermenting a war with North Korea so as to indirectly draw China in and delay implementation of the yuan-for-oil...
One Nation Under Gold (2017), by James Ledbetter
05 OctThe Recusant1
Sadly, I too hoped for a more even-handed assessment of gold in our economic history. The book IS biased and by the time I got to the 20th century ...
Fall of the Great Pumpkin
03 OctGypsy0
James, you've mentioned this 25th Amendment thing a few times. The primary reason the Deep State won't go that route is: when the attempt begins i...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS