New York Sun: Whitewashing the Fed

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From the New York Sun
Saturday, October 24, 2015

"America's Bank," Roger Lowenstein's new book about the "epic struggle to create the Federal Reserve," is garnering wonderful blurbs. Ben Bernanke calls it a "highly engaging historical account." David Nasaw, a biographer of Carnegie, calls it a "small miracle." Alan Blinder, 15th vice chairman of the Fed, says it has "lessons even for today." The Great Volcker says it "resonates today as we debate the conduct of monetary policy." Historian Jon Meacham says it has "lessons for our own time."

Blamed, though, if the blurbs aren't missing the skeptics of our central bank. Nothing from, say, Richard Shelby, chairman of the Senate Banking Committee, or Jeb Hensarling, chairman of the House Financial Services Committee. Not a jot from Kevin Brady, proposer of the Centennial Monetary Commission that would launch a review of the Fed as it begins its second century. Nothing from the monetary sages Steve Forbes or Judy Shelton. Not even a peep from the ex-congressman from Texas, Ron Paul. ...

The fact is that the worst fears of the contemporary critics of the Federal Reserve Act came to pass. The value of the dollar has plunged more than 98 percent, to less than an 1,100th of an ounce of gold from the 20.67th of an ounce it was valued at Fed was created. Americans have watched in horror as the Fed has ballooned its balance sheet by trillions while failing to curtail the Great Recession. It is now trapped in a zero interest rate policy that has locked the economy into neutral, with millions unemployed or withdrawn altogether from the labor market. ...

... For the remainder of the commentary:

http://www.nysun.com/editorials/whitewashing-the-fed/89329/



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