End America’s
central bank because it caused the crashes of 2008, 1987, and 1929 and will
blunder again. That’s what many critics are saying about the Federal Reserve
System (the Fed), which turns 100 on December 23. They note that on the Fed’s
watch America has endured numerous bubbles, crashes, and inflationary cycles
that have greatly devalued the dollar. The Fed, they say, has caused or
aggravated several crashes.
“The Fed’s
performance over the century has been abysmal, no matter how you look at it,”
says Professor Joseph Salerno, a business professor and monetary expert at Pace
University. “If you say the goal of the Fed was to prevent calamities, then you
have to say that it has been a failure,” says William A. Fleckenstein, a hedge
fund manager and the author of Greenspan’s Bubbles……To Read More…..
No comments:
Post a Comment