I think Ron Paul would agree with me that the Fed has been doing a pretty good job of destroying the dollar all by itself. Bitcoin could be a watershed however.
“The Fed is exporting this lunatic policy worldwide.”
Ah yes, JP Morgan. Friends and frenemies with this White House. Jamie Dimon is held up publicly by the administration for a few days in an orchestrated PR move, then Dimon flies back to New York, he and his company in the clear. Dimon was never going down. JP Morgan certainly wasn’t.
The employment numbers we get are sketchy at best when they are done “right.” For example the official rate of unemployment doesn’t count those who have given up looking for work, such as the millions in their late 50s and early 60s who have been forced to “retire” since 2008. It’s a very gamed number.
This isn’t a surprise. There is no way she would have been considered for the top job at the Fed had she been for an audit.
But we must keep the pressure on and we are thankful that Senator Vitter raised the issue.
Anyone voting for Yellen is a Keynesian and therefore an “old” Republican. Anyone voting against her is a “new” Republican like Senators Rand Paul or Ted Cruz. We will be able to identify clearly the players on each team.
Why does any of this matter to the average American?
I was just at a conference in Downtown Manhattan and things are good there. My hotel (which thankfully I didn’t have to pay for) was modest but cost a sum far beyond what one might pay for a comparable room in another large city in the US. A beer pushed 11 bucks. Everything was more expensive because the money printed by the Fed practically spilled out onto the street around the part of town I was staying in.
The further one gets from the Federal Reserve spigot however, the more austere the world gets. Remember, each dollar printed by the Fed reaches the guys in New York and DC first – while prices are relatively cheap. By the time these debauched dollars reach the rest of the country prices are rising and the dollar buys less.
When Ron Paul called for ending the Fed, this is one of the chief reasons why.
I’m not kidding. The guy who was in charge of a big part of the Fed’s quantitative easing efforts in 2009, Andrew Huzar, explains that all the money printing, the exploding of the Fed’s balance sheet, all the central bank sleight of hand has hurt this country, and the world.
Most news stories take this for granted. They shouldn’t.
The fed will have trouble brushing this off.