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Thread: Has the Fed Been a Failure? Asks CATO on its Cover Page

  1. #1

    Default Has the Fed Been a Failure? Asks CATO on its Cover Page

    November/December 2012
    Has the Fed Been a Failure?
    By
    George Selgin, William D. Lastrapes and Lawrence H. White

    In the aftermath of the Panic of 1907, Congress appointed a National Monetary Commission. In 1910 the Commission published a shelf-full of studies evaluating the problems of the postbellum National Banking system and exploring alternative regimes. A few years later Congress passed the Federal Reserve Act.

    Today, in the aftermath of the Panic of 2007, and as the one hundredth birthday of the Federal Reserve System approaches, it seems appropriate to once again take stock of our monetary system. Has our experiment with the Federal Reserve been a success or a failure? Does the Fed's track record during its history merit celebration, or should Congress consider replacing it with something else? Is it time for a new National Monetary Commission?

    http://www.cato.org/policy-report/no...d-been-failure



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  3. #2

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    But Cato is bad!

    (sarcasm)
    Last edited by SpreadOfLiberty; 12-18-2012 at 11:05 AM.

  4. #3

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    Quote Originally Posted by SpreadOfLiberty View Post
    But Cato is bad!
    What did it do or say?

  5. #4

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    Quote Originally Posted by stu2002 View Post
    What did it do or say?
    Nothing. I was making fun of others.

  6. #5

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    Quote Originally Posted by SpreadOfLiberty View Post
    But Cato is bad!
    That release smells like preparation for hyperinflation and a lead-in to a world currency to me. A new commission? We don't need a new commission to have competing currencies. We don't need a new commission to go back to what was proven to work better than what we replaced it with has worked. We only need a new commission to legitimize the ascendance of a new fiat, and pick the new winners and losers.
    Quote Originally Posted by Calvin Coolidge View Post
    'About the Declaration there is a finality that is exceedingly restful. It is often asserted that the world has made a great deal of progress since 1776... and that we may therefore very well discard their conclusions for something more modern. But that reasoning can not be applied to this great charter. If all men are created equal, that is final. If they are endowed with inalienable rights, that is final. If governments derive their just powers from the consent of the governed, that is final.'

  7. #6

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    Quote Originally Posted by SpreadOfLiberty View Post
    Nothing. I was making fun of others.
    Gotcha

  8. #7

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    Quote Originally Posted by SpreadOfLiberty View Post
    Nothing. I was making fun of others.
    Make fun all you want. Here's their latest BS.


    Senior Cato Fellow Calls for End to Charitable Tax Deductions





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