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The Spectacle Blog
As I explain today at CFIF, I am not at all happy with the Federal Reserve’s latest moves. This artificial manipulation of interest rates is, in the long run, a horrible thing.
Bill Kristol and a key financial guru of his agree with me. So does the Wall Street Journal. So does David Gitlitz:
This is essentially a prescription for weaker money demand….It’s likely that all the market indicators reflecting on money demand such as foreign exchange and commodities will continue to exhibit dollar weakness….[T]here’s likely to be a heavy price to be paid for the Fed’s monetary malfeasance.
View all comments (12) | Leave a comment
More Blog Posts by Quin Hillyer
http://spectator.org/blog/2011/08/10/yet-more-bernanke-hanky-panky
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Helen Wheeling| 8.10.11 @ 3:09PM
If Ben Wackie Bernake has commited malfeasance in his position, then let's begin the party of cleaning house in Washington by bringing him up on charges. Then we can go after Geithner, The Big Zero, his Ship Of Fools administration and his czars. That should cure all of our problems these pompous incompetents have given us in the past two years. Enough is enough and We,The People have had ENOUGH!!!!
Paul McGrath| 8.10.11 @ 4:33PM
Sooner or later we are going to have to take our medicine. Raise interest rates by a half a point. The stock market will crumble, the economy will falter a little. But the dollar--the world's currency--will pick up. The world economy will be a little more confident. The world will be a little more prosperous. The world will be a better place.
We cannot continue to be so selfish. Putin is right: we are a parasite.
Occam's Tool| 8.10.11 @ 5:34PM
Well, a lot of our problem was in defending the West from Putin and his ilk for 45 years. I'm not saying iot shouldn't have been done; I'm saying it came at an awful proice. And now the problem is Sharia and our European morons are even less useful.
C Bowen| 8.10.11 @ 6:19PM
Breaking: Ruling Class Conservatives Realize There is a Federal Reserve that the Country Class Has Been Noticing for A Century.
C Bowen| 8.10.11 @ 6:20PM
And they are not happy.
Clint| 8.10.11 @ 6:35PM
Dr.Ron Paul,
“Artificially low interest rates are achieved by inflating the money supply, and they penalize the thrifty and cheat those who save. They promote consumption and borrowing over savings and investing. Manipulating interest rates is an immoral act. It’s economically destructive.”
Clint| 8.10.11 @ 6:40PM
" ( Dr. Ron )Paul answered a question from ABC News on his reaction to Tuesday’s decision by the fed to keep interest rates at a historically low level until mid 2013.
“That’s exactly the wrong thing to do, that’s what got us into trouble,” said Congressman Paul. “[Fed Chairman Ben Bernanke] is liquidating debt through inflation.”
JimH| 8.11.11 @ 8:01AM
I know some here have reservations as to having Paul for president, but I'd love to see all other candidates promise to appoint him Secretary of the Treasury or in charge of the Fed.
David W| 8.10.11 @ 7:17PM
There is already inflation, it's just that the government is hiding it (I pay more for groceries or I pay the same amount for less, the fast food restaurants I go to once a week have also raised their prices). To say there is no inflation is a lie.
And, when inflation is finally recognized by the government it will hit with a vengeance.
RJ| 8.10.11 @ 7:43PM
Political manipulation of economic forces almost always leads to trouble. The longer you try to put off reality, the harder the bite will be. It is going to be painful.
PattyMor| 8.11.11 @ 7:48AM
Ron Paul is right; end the Federal Reserve. Its main purpose is a stable Dollar and its failed. But Wacky Bernacke seems to think its getting Barack Obama reelected.
Scrapette Jones | 8.12.11 @ 6:51PM
So many things Ron Paul has been telling us have come true or are coming true. He's my current candidate, even though I know full well his longshot status. And his stance on interest rates is near and dear to my heart, even though I realize that once the European Union was formed, we entered into a pretty tight pledge to globalize a self-sustaining currency market, and our rep for that is our Fed. Love it or hate it. But, a little relaxing in order to let people earn something on savings is indeed a moral issue and lesson. For practically my entire adult life (born 1956), I've been rewarded for risk-taking and borrowing, instead of frugality and saving. I chose the latter, but it was only because I'm pretty stubborn. This is our problem. Our economic policies need to respect and reflect the way we want our people to behave.