PDA

View Full Version : Forbes: Free the Fed




XNavyNuke
04-01-2010, 10:20 AM
Pressure must be ratcheting up for them to run this column by "distinguished" economics professors!

Free The Fed (http://www.forbes.com/2010/04/01/federal-reserve-independence-financial-crisis-opinions-contributors-paul-wachtel-kermit-schoenholtz.html)


Reform legislation drafted in Congress last year reflected the popular rage. The original Senate draft proposed last November would have stripped the Fed of all supervisory powers, making it a passive observer in the regulatory process. If called on to act as lender of last resort, the central bank would have had to rely on the knowledge and judgment of other agencies regarding the creditworthiness of its borrowers. The draft also compelled accelerated disclosure regarding the recipients of Fed emergency loans, despite the experience of the 1930s, when such disclosures by the Reconstruction Finance Corp.--at the behest of Congress--triggered a wave of bank runs. The bill passed by the House in December incorporates some provisions of the Grayson-Paul amendment that seemed motivated by the longstanding goal of Texas Rep. Ron Paul to "End the Fed," the title of his recent book.

XNN

Aratus
04-02-2010, 10:25 AM
the fed is in shackles?

Chester Copperpot
04-02-2010, 10:29 AM
how about kill off the fed to free america

Slutter McGee
04-09-2010, 10:34 PM
to be fair. There is often contradictory articles in Forbes. While it is generally pro-free market it often takes more of a Chicago rather than Austrian approach.

Sincerely,

Slutter McGee