My long-time friend, Alex Pollock, has written what might be the most timely and important of the many thoughtful pieces he has authored over a lifetime of great scholarship. The article addresses the issue of whether the Federal Reserve should be subject to Congressional oversight when setting interest rates and determining the supply of money. As Alex points out, at the beginning of its existence, the Secretary of the Treasury was automatically the Chairman of the Fed, so there was automatically political oversight of monetary policy.
If you are not concerned about the issues Alex raises, I believe you should be as they are extremely important to all of us and our families and businesses. Please read this article and discuss it with your Congressional leaders.
From the article:
How in the world did the Fed imagine that it had the authority all on its own to commit the nation to perpetual inflation and perpetual depreciation of the currency at some rate of its own choosing?
The views expressed in this article are Alex Pollock’s. My views are mine alone and not those of any firm with which I am or have been or may in the future be associated.
Read the full article here.