Same as the Old Boss, Only More!
by Charles Goyette, Money and Markets
The real problem with the Federal Reserve is central banking itself.
It is the mission that matters most, not the personnel. No matter who is in charge at the Fed, the basic Keynesian, fiat money policies that serve the interests of the banking cartel prevail.
That is why the value of the dollar has plunged under 100 years of the Fed’s existence, through a succession of chairmen.
No matter which party holds sway in Washington, the same policies persist.
That is why Alan Greenspan was appointed by Republican Ronald Reagan and reappointed by Democrat Bill Clinton. That is why Ben Bernanke was appointed by Republican George Bush and reappointed by Democrat Barack Obama.
They all worship at the same statist monetary church and follow the same Keynesian priesthood.
That said, some are more devoted members of the faith. Janet Yellen has a deserved reputation as a fervent believer. That means that she can be expected to try to carry the Fed’s monetary madness to its logical conclusion: money printing with enthusiasm until the world rejects the global dollar standard.
Senator Rand Paul is in a state of virtual alarm about Yellen’s “spend our way to prosperity” zeal. If her nomination can’t be stopped, it will be good if Paul can at least use her nomination to advance an audit-the-Fed bill.
When the judgment day on this quantitative easing madness comes around at last, a thorough audit of the Fed will at least let us know where all the bodies are buried.