Fed New Friday: Nader and Paul Root for the Fed’s End!January 21st, 2011
Talk about bipartisanship! The combined effort of Nader and Paul caused quite a bit of discussion. Some comments on this YouTube video even suggested a Paul/Nader ticket for 2012. According to the Judge’s analysis, juxtaposing Paul and Nader’s ideas leave you with the same list of issues: End the war, end corporate welfare, and end the Fed! (of course there are others, but these subjects were mentioned in the broadcast)
This is proof that liberty can be justified in many philosophies, cultures, and minds. There are fundamental differences between Paul and Nader’s economical means to their ends, but the fact that the ends are identical is a great place to start!
In other Fed News:
Charles Plosser, the Fed Chair for the Philadelphia Fed talked about the impossible goals of monetary policy to the Chilean central bank on Monday. Plosser is a voting member in this year’s FOMC, so the discussion climate is shaping up to be a strongly divided one.
Plosser acknowledged that the Federal Reserve can not prevent housing prices from falling, these words alone could make all the hairs in Bernanke’s beard stand up. The United States has “over-invested in houses” so housing prices are going to fall. The single way that monetary policy can shape the economy is through price stabilization, according to Plosser. However short-term stabilization is, “beyond the scope of monetary policy.”
This Fed President is boldly calling for a repeal of a portion of the Federal Reserve Act that allows for “Emergency lending.” He would also like to see the Fed with their hands only in short-term limited US government securities.
It’s only a couple weeks away from Bernanke’s public press conference. I kind of fantasize about this event as a complete and utter shit-show, but then I remember that not all journalists are like Julian Assange. Mark this press conference on your calendars so we can share our thoughts on how he avoids answering questions directly and also how Bernanke fills the air with meaningless rheotric and drives the journalists wild. February 3rd!