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The FedMoney and BanksMoney and Banking
John Tamny is right that we don't need the Fed. Unfortunately, his new book on the Fed goes off course while explaining why.
The FedGlobal EconomyMoney and BanksMoney and Banking
The Bank of England has been less reckless than the ECB. But both the UK and the eurozone economies are fragile thanks to loose monetary policy.
No human can withstand the political pressure to inflate reserves. As long as central banks have discretion, they will inflate the money supply.
If the Fed would quit meddling with interest rates, the natural interest rate would be revealed.
Sen. Toomey should read Mises or Rothbard, and check other resources on mises.org, and he'd be able to grill Yellen with greater intensity next time.
The FedMoney and Banks
The Fed's terrible record of forecasting has destroyed its credibility to the point that its word no longer means anything.
The FedU.S. Economy
The Fed admits the jobs data is worsening, and sees no way to raise rates without torpedoing the tepid recovery.
The FOMC appears to be downbeat about job gains, stating that the "pace of improvement in the labor market has slowed."
Inflation isn't an increase in prices, and deflation isn't what causes economic depressions.
Central bankers think the official statistics are overcounting inflation and undercounting productivity.