By John Sykes
From James Longstreet in The Mendacity of the Fed and the Ruination of Capitalism
David Stockman tells it like it is. In his interview and from his articles posted on his website, “Contra Corner”, Mr. Stockman gives the cold hard and politically incorrect version of what the Federal Reserve is up to in all its misdirected glory and auto-assumed powers.
“The Fed runs everything; it has pegged, manipulated, medicated and manhandled the entire financial system. There is not an honest interest rate left…..A Regime of crony capitalism, for both sides… using the tools of the State the budget and the central bank…to accomplish ends that would not be remotely feasible, reasonable or likely in a free market.” So says Mr. Stockman. “The Federal Reserve has taken over and runs the GDP.”
Mr. Stockman opines:
“Even in those halcyon days of Keynesianism, few in Congress believed that they had mandated the Fed to pursue rigid quantitative targets for inflation and unemployment—let alone precisely a 2% annual gain in the PCE less food and energy or 6.5% on the U-3 measure of unemployment, which didn’t even exist then…And most certainly, the Congressional majority that passed the act (Humphrey Hawkins) did not in its wildest imagination foresee that the route to the quantitative inflation and unemployment targets it didn’t mandate would be through the canyons of Wall Street and the made-up monetary doctrine of “wealth effects” as the surest route to their achievement.”...
Conclusion: The Federal Reserve has monopolized economic planning and in so doing, controls not just interest rates and other macro economic levers, but its influence spreads to and culminates within the individual’s life decision making process. In short, Janet Yellen and the misdirected unauthorized whims of the Federal Reserve are running your life. Are you in the group they decided to help or hurt?
Folks, the Fed is killing us. The current Fed is the 4th since the birth of this country. Each and every Fed has led and now will lead us down the road of economic ruin by destruction of the dollar.