The Fed’s biggest opponent this side of Ron Paul was on Bloomberg this morning discussing the failed policies of the central bank, it’s original intentions, and what he would do if he were appointed Fed Chairman.
In the MUST WATCH interview, Jim Grant states that the Fed ‘Needs to get out of the central planning business. The Fed was organized in 1914 and opened its doors to conduct a more or less traditional central banking business, meaning it would lend against good collateral to solvent institutions in times of cyclical or seasonal need. It would defend and protect the gold dollar. That was all that its original remit contained. Fast forward many decades, and we see the Fed in the business of steering, guiding, manipulating the economy, financial markets, the yield curve. It manipulates and pegs interest rates. It is all over the joint doing what failed in the old eastern bloc.‘
Jim Grant on the Vampire Squids of Vampire Squids, the Federal Reserve: