Fed Up! Hillary Clinton in Cahoots with Attempted “Hostile Takeover” of the Fed

I’m fed up with the Fed too, with its chronic policy failures. A lot of evidence shows the Federal Reserve to be a prime cause of lackluster job growth and sluggishness in wage increases. That said, sometimes a cure is worse than the disease. Now the left, with the support of Hillary Clinton, is threatening to take us, to mix the metaphor, out of the frying pan and into the fire. Last week, about a dozen arch-progressives from “Fed Up” attended a hearing of a subcommittee of the House Financial Services Committee, “Federal Reserve Districts: Governance, Monetary Policy, and Economic

The Free Lunch That Never Was

Yesterday, the Federal Open Market Committee once again confirmed that they are unable to normalize the federal funds rate. The Fed promised they could save us in 2008 and then reverse policy later. Seven years after the fact, that’s still not the case. This is a clear sign that something is seriously wrong. So what are the implications of this? A generation of savers loses. Private and government debt continues to accumulate. Bubbles and market distortions continue to grow. The Fed and the elite promised that this would be a free lunch, but clearly this is not the case. The

Latest Twist in Audit the Fed Debate

The political firepower generated by Sen. Rand Paul’s Audit the Fed bill is now giving new attention to an alternative or potentially complimentary political response: to shift power from the New York Federal Reserve Bank to other regional Federal Reserve Banks. The Federal Reserve System’s most crucial policy body is the Federal Open Market Committee, made up of members of the Board of Governors and of district Federal Reserve Bank presidents.  The FOMC is the body that decides whether to raise, lower, or hold steady the discount rate, widely considered the bellwether for establishing the other interest rates. Does the