from The Daily Bell:
Are anti-Fed articles appearing in mainstream publications part of an extended program of tearing down the Fed in order to remake it as part of a global central bank?
Recently published anti-Fed arguments and their nearer-term motives have been commented on with considerable accuracy by various alternative-media entities. These arguments are compellingly presented. But step back, please.
It is difficult to avoid concluding – if one examines events from the requisite altitude – that the current system will eventually give way to something more homogenized. Perhaps the IMF will take the lead, or perhaps the Fed and other powerful central banks will be more fully integrated under the supervision of the International Monetary Fund.
No matter the disasters of ever-larger bureaucratic, price-fixing entities, the solution is always seen to be even more centralization. The bigger the better: As if somehow technocratic corporatism and its affiliated bureaucracy are going to succeed when they finally accumulate enough power.
Ordo ab chao …
And thus the tearing down proceeds apace. Does anyone really believe, for instance, that at the topmost level, people were not aware that posting an unmonitored Fed Facebook page would attract serious opposition (here)?
Is it some sort of secret that many are generally are disgusted with central banking and the Fed in particular? We are supposed to believe that an organization that can send $16 trillion around the world as it chooses (here) is incompetent about even the rudiments of public relations?
Before the big meeting at Jackson Hole that ends this weekend, (here) prominent negative news has been featured regarding the Fed. The article regarding the Fed’s Facebook trolls was posted at US News and World Report. But other anti-Fed articles have attracted attention.
John Hilsenrath recently posted an anti-Fed article at the Wall Street Journal (here). An excerpt:
Years of Fed Missteps Fueled Disillusion With the Economy and Washington … Once-revered, [the] central bank failed to foresee the crisis and has struggled in its aftermath, fostering the rise of populism and distrust of institutions.
And then there is the just-published – and biting – article by former Fed member Kevin Warsh (“The Federal Reserve Needs New Thinking”), also posted at The Wall Street Journal (here).
An excerpt from the conclusion:
As the dispenser of fault and favor, the Fed is contributing to the public perception of an unfair, inequitable economic system. Real reform this is not … If, as is more likely, the economy is closer to recession than resurgence, the Fed is poorly positioned to respond with force, efficacy and credibility.
The Fed is vulnerable. Its recent centennial as our nation’s central bank should not be confused with its permanent acceptance in the American political system.
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