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Title: Beware of Woolly-Minded Attacks on the Fed
Source:
WSJ
URL Source: http://www.wsj.com/articles/alan-s- ... -attacks-on-the-fed-1422401124
Published: Jan 27, 2015
Author: ALAN S. BLINDER
Post Date: 2015-01-31 19:56:42 by Gatlin
Keywords: None
Views: 16045
Comments: 46
Welcome to 2015. On the Chinese calendar, it will soon be the Year of the Sheep. On the financial calendar, it looks like the Year of the Fed. Let’s hope the Fed doesn’t get sheared.
As almost everyone knows, this year the Federal Reserve will start to “exit” from its hyper-expansionary monetary policies. But the Fed may also spend the year defending itself against a series of congressional attacks on its independence.
The barrage started on Jan. 12, when a seemingly innocuous provision was tucked into a piece of must-pass legislation, the Terrorism Risk Insurance Act, with no hearings, no congressional debate and, for the most part, no notice. The law now requires that the seven-member Federal Reserve Board include “at least 1 member with demonstrated primary experience working in or supervising community banks having less than $10,000,000,000 in total assets.’’
Now, there is nothing wrong with having a community banker on the Fed board; and President Obama ’s announced nominee, Allan Landon, seems well qualified. The problem is assigning board seats to specific constituencies. What about big bankers? Labor leaders? Home builders? Professors? Democrats? Republicans? As Fed ChairJanet Yellen explained at a congressional hearing in July, this could lead to “earmarking each seat for a particular kind of expertise.” Yes, the new law could Balkanize and politicize the Fed. For example, what will happen when Democrats realize that virtually all community bankers are Republicans?
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Begin Trace Mode for Comment # 18.
#2. To: Gatlin (#0)
(Edited)
A pox on the FED, God bless America. Since the creation of the private FED in 1913, the US dollar has lost 97% of it's value.
Well “tutti trutti!” In 1913 the average individual income was $800. In 2013 it was $26,364. So the dollar lost 97% of its value while income increased 97% … Source. The Fed has now been vaccinated against your pox. God Bless America!
And it was backed by something of real value, silver and gold. Your paper Obama dollars are backed by shuck 'n jive, and are almost as worthless as your globalist propaganda releases. In God, and Ron Paul gold & silver dollars we trust.
Ron Paul Coin Minter, Pot Priest, Faces 15 Years in Prison
Not yet, it seems. As I mentioned, he was convicted over 3 years ago but has been free since with his last scheduled sentencing hearing set for December 2014. Seems a bit strange, maybe the feds know that it will eventually surface that they railroaded him. None of which will really count unless he serves time in a prison. The case was pretty trumped up as counterfeiting cases go and the charges that he was counterfeiting to support terrorism were nothing more than a prosecutor's fantasy.
#25. To: TooConservative (#18)
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#3. To: A K A Stone, Devil Anse (#2)
#4. To: TooConservative, A K A Stone, Devil Anse (#3)
#6. To: TooConservative, A K A Stone, Devil Anse (#4)
#10. To: Gatlin, NWO stooge, Globalist Scum, Quantitative Weaseling (#6)
#13. To: hondo68, ignoramuses, economic dimwits, Ron Paul Tools (#10)
A pox on the FED, God bless America. Since the creation of the private FED in 1913, the US dollar has lost 97% of it's value.
#15. To: Gatlin, fiat money, backed by, shuck 'n jive (#13)
In 1913 the average individual income was $800
#17. To: hondo68 (#15)
#18. To: Palmdale (#17)
Ron Paul Coin Minter, Pot Priest, Faces 15 Years in Prison
Replies to Comment # 18.
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