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Tag Archives: End the Fed

Townhall: Libertarians Outnumber Both Liberals and Conservatives

Many of our readers are probably aware that Townhall Finance regularly features our work. John Ransom, the editor there does an excellent job and we encourage everyone to check out the site if you have not visited. It’s a very good mix of free market thinkers from different schools. Though it is generally not “libertarian.”

That is why I was particularly pleased to see this article in Townhall. A new and broad political disposition is clearly emerging. Though many longstanding libertarians would probably take issue with some of the people calling themselves “libertarians” these days, what we see is clearly progress. In the face of a very activist government (going back long before Obama) and a renaissance of constitutional understanding (largely facilitated by the Internet) more and more people are actually embracing the concept of “live and let live.”

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Fed’s Regional Banks Are ‘Unconstitutional,’ Brookings Paper Says

What is of particular note is that this paper comes from a Brookings Institution scholar. Brookings is generally liberal in its disposition.

I am not keen on the prescription. Notice that the author comes short of calling the Fed itself unconstitutional. But at least there is some criticism of the Fed coming from the lefty camp. The excuses for the Fed have gotten embarrassing of late.

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Gold “Terrifies” the International Monetary System

Indeed it does. Gold is a little bit of power you can put in your pocket. It is a direct and ongoing challenge to the current system of fiatism. (And by extension crony capitalism.) Central Banks can’t print gold. Gold limits the power of the Fed and its brethren. Gold limits the power of the banks which suckle at the teat of central banks. Gold limits the power of governments to indebt their peoples. Gold limits the ability of governments to wage war.

Gold encourages discipline.

Is it any wonder why gold is often called God’s money and why some people despise it so?

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Why the New York Fed Annoys Republicans and Democrats Alike

By far the most secret and least accountable operation of the federal government is not, as one might expect, the CIA, DIA, or some other super-secret intelligence agency. The CIA and other intelligence operations are under control of the Congress. They are accountable: a Congressional committee supervises these operations, controls their budgets, and is informed of their covert activities. It is true that the committee hearings and activities are closed to the public; but at least the people’s representatives in Congress insure some accountability for these secret agencies.
It is little known, however, that there is a federal agency that tops the others in secrecy by a country mile. The Federal Reserve System is accountable to no one; it has no budget; it is subject to no audit; and no Congressional committee knows of, or can truly supervise, its operations. The Federal Reserve, virtually in total control of the nation’s vital monetary system, is accountable to nobody – and this strange situation, if acknowledged at all, is invariably trumpeted as a virtue. – Murray N. Rothbard from The Case Against the Fed

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Former Fed Chief at Odds With How Central Bank Now Makes Policy: “you have a feeling now that we are committing suicide” if any inflation gauge turns negative

End the Fed. But Volker at least had the guts to raise rates to insane levels and effectively crushed 1970s inflation. If we had sound money he would not have had to do that of course. (Nor would he have had the power.)

Of the 4 chiefs still alive Volker is my favorite. Or at least the one I dislike least.

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The (all too) Sane Case for Auditing the Fed

By far the most secret and least accountable operation of the federal government is not, as one might expect, the CIA, DIA, or some other super-secret intelligence agency. The CIA and other intelligence operations are under control of the Congress. They are accountable: a Congressional committee supervises these operations, controls their budgets, and is informed of their covert activities. It is true that the committee hearings and activities are closed to the public; but at least the people’s representatives in Congress insure some accountability for these secret agencies.

It is little known, however, that there is a federal agency that tops the others in secrecy by a country mile. The Federal Reserve System is accountable to no one; it has no budget; it is subject to no audit; and no Congressional committee knows of, or can truly supervise, its operations. The Federal Reserve, virtually in total control of the nation’s vital monetary system, is accountable to nobody – and this strange situation, if acknowledged at all, is invariably trumpeted as a virtue. – Murray Rothbard from (the original) Case Against the Federal Reserve

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Where $1 of QE Goes: The Untold Story

One thing is for sure. Pretty much none of it is finding its way to “Main Street.” Many QE dollars have however found their way into the bank accounts of those who were already rich. Read More

End the Fed: “We do not need ‘monetary policy’ any more than we need a paintbrush policy, a baseball bat policy, or an automobile policy.”

Indeed we don’t. But we are so conditioned to the idea that the cost of renting money fundamentally should be determined by a central bank that most don’t think anything of monetary policy. When the economy tanks, the Fed’s supposed to ease, when the economy gets too hot it’s supposed to raise rates. This is what we were all taught in our macroeconomics courses. Makes sense…I guess.

Actually not at all. These fluctuations, the business cycle, are created by the world’s central banks.

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