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Defend the Fed

[Ed. Note: Do you wonder how many Sheeple read something like this and imagine that the Federal Reserve is a good idea? This was written by Arthur J. Rolnick, formerly senior vice president for research at the Minneapolis Federal Reserve Bank...no vested interests there.]

by Arthur J. Rolnick, Star Tribune:


Some people would rather just end it — and go back to a gold standard — but history shows that the Federal Reserve System was carefully conceived and has been effective in executing its mission.

In recent years, Ron Paul, presidential candidate and Texas congressman, has campaigned to abolish the Federal Reserve System. He has won over to that cause an enthusiastic cadre of followers. He argues that the Fed is unconstitutional and undemocratic, and that it undermines our economy. He argues that a return to a gold standard would give the United States a currency whose value was not distorted by the whims of a central bank and would lead to less inflation, less financial instability and more real growth.

A harsh indictment of the Fed, indeed. But a look back at how the U.S. economy fared under a gold standard compared with how it has fared under the Fed raises doubts about Paul’s analysis. History suggests that the Fed has generally been successful in carrying out its congressional mandate, and that the U.S. economy has performed better under the Fed than under a gold standard. This is not to say that the Fed always gets it right or is as transparent as it could be. But the case for abolishing the Fed is weak at best.

Read More @ Star Tribune

3 comments to Defend the Fed

  • Glitter1

    It’s very simple, the 100 years prior to the Federal Reserve Act saw a total of ~ 5% inflation. Since the 100 years since 1913 when the Fed was established, the Dollar is worth 2 cents of that 1913 Dollar and has lost 98% of it’s value. In 1913 Gold was valued at $20oz, now it’s $1600oz. The Fiat Federal Reserve Note (Dollar)has done nothing but allow the Social Engineering of our society and transfer the power from the people to the Government/Elite.But then again, this is the result of a well thought-out, well orchestrated 250 year old plan towards establishing a World Government.

  • Larry

    How can anyone argue that debt-based money is good for the people? That is the most important aspect – that we pay interest on our own money. How is that in the public interest. This guy is a douche.

  • Nero

    Some Of The Comments At The Star Tribune Are pretty Good And Some Need Rebuttal….Come Leave Your Comments.

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