Is This the Best the Fed Can Do in Its Defense?Submitted by bobbyw24 on Mon, 01/24/2011 - 08:02
The Federal Reserve, no doubt at the suggestion of one of the high priced PR agents they maintain, has fired a shot at Ron Paul in his own backyard.
The Houston Chronicle carries an op-ed by Paul Hobby, who is chairman of the Houston branch of the Dallas Fed.
Let's take a look at this commentary that is boldly titled, "Hands off the Fed"
Hobby makes clear right at the start this is about Ron Paul:
Defense of our central bank is imperative just now because the House Financial Services Subcommittee, which provides congressional oversight of the Federal Reserve System, has a new chair — U.S. Rep. Ron Paul, R-Lake Jackson. Paul is a frequent critic who has published a book titled End the Fed. Almost certainly, Paul will seek to make a fundamental inquiry into whether the United States will retain the ability to conduct monetary policy at all.
Then he says:
No one who studies the global economic issues today would forfeit this nation's ability to conduct monetary policy through a central bank.
This statement is simply factually wrong. Congressman Paul has certainly studied the issues and has not reached that conclusion, as have many economists, mostly from the Austrian school of economics.