As the British Parliament debated the outbreak of the American Revolution one arrogant member of the House of Commons referred to the colonists as illiterate farmers. Edmond Burke, the father of conservatism, rose to state that he had been told by book sellers in London that the sales of books in the colonies topped all sales in Europe. He stated the Americans were enlightened to the meaning of liberty- they read and understood. Today, Nathan Lewis writes in his Forbes.com column that it is high quality writing and the work of intellectual authors that is driving the newly emerging money
The latest jobs report is lackluster — just 142,000 jobs were added to the economy in September. The labor force participation rate is now down to its lowest level since Jimmy Carter was in office. And the Federal Reserve? They refuse to change course and fix their mistakes. In 2008, the Fed promised they could save us from economic collapse with a radical solution — by holding interest rates near zero — and then reverse policy after the crisis was averted. But seven years later, rates are still the same. The economy is still spinning its wheels, going nowhere fast.
The Federal Reserve is the most powerful unelected financial powerhouse in the world. Its impact on our economy and financial markets is staggering. Yet this unaccountable institution and its role in our economy and government is missing from the presidential debate. One has to wonder what the presidential candidates are afraid of. Perhaps pollsters are telling them to stay away from this issue. Perhaps pollsters are telling them that it is over the heads of voters. Voters may hear about nuclear centrifuges in Iran or even the complex science of global warning, but in the minds of political consultants, people’s
Two hundred and twenty eight years ago today, thirty nine delegates gathered in Philadelphia to sign the Constitution of the United States. This profound document states clearly in Article I, Section 8: The Congress shall have the Power To … coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures. Today, 228 years later to the day, an unelected bureaucrat named Janet Yellen will announce the Federal Reserve’s latest policy decisions that will impact the value of our money. Americans need to remind elected officials that Congress, and only Congress, has the authority to
Several ThePulse2016 contributors, including Steve Lonegan, Ralph Benko, Frank Cannon, Terry Schilling, Shane Vander Hart, and others, have flown out to Jackson Hole, Wyoming, for a historic monetary policy conference organized by the American Principles Project.There are three major conferences taking place in Jackson Hole, Wyoming this week, and they all focus on the same issue: monetary policy.The Federal Reserve is having their annual symposium. Fed Up, a left-wing organization, is holding a counter-conference demanding that the Fed keep interest rates low, print more money, and bail out states and municipalities that are deep in debt. And, of course, the
Yesterday’s Fed statement is reminiscent of Goldilocks and the Three Bears. The first porridge was too hot, the second too cold. Where was the one that was just right? The Federal Reserve has a similar quandary. It is trying to keep both inflation and unemployment low. But alas, inflation is too low and unemployment is too high. What should it do? Today the Fed answered by prolonging the paralysis and inaction. This dilemma is called ‘discretionary policy.’ It has governed monetary policy for the last 40 years, yet it provides no clear direction to Fed policymakers. There must be a
In recent months, analysts have been pointing to a supposedly improved job situation for workers. Voluntary minimum wage increases at companies like Walmart allegedly pointed to an upward movement in wages due to increased competition. Workers purportedly were feeling more secure in their jobs and more willing to explore new possibilities. Despite a first quarter slide in economic growth, the economy was apparently poised to bounce back. The proverbial ‘rosy scenario’ was finally appearing on the horizon. Much of this optimism, however, was surprising news to the middle class, and today’s jobs report showed why. The headline — 220,000 new jobs and the
Yesterday, the Federal Reserve announced that it is maintaining its existing policy of historically low interest rates, stating that the policy “remains appropriate.” When asked at the news conference about the renewal of this controversial policy and whether there is a role for congressional bills affecting Federal Reserve actions, Federal Reserve Chair Janet Yellen replied, “What’s the problem?” The Fed Chair insisted that the institution is extremely transparent and questioned what else Congress and the public could possibly want. With Hillary Clinton making income inequality a key campaign issue, one has to wonder—will she address Yellen’s stubborn insistence that the