LOL, Stockman: American capitalism does not need recycled political hacks like Jerome H. Powell or clueless school marms like Janet Yellen to thrive

Quote :: At the end of the day, American capitalism does not need recycled political hacks like Jerome H. Powell or clueless school marms like Janet Yellen to thrive. If we need a Fed at all, it is the one designed by Carter Glass 100 years ago. That is, a “bankers bank” that was intended to provide standby liquidity at a penalty spread above the free market interest rate in consideration for good collateral originating from inventory and receivables in the real economy.
Under that arrangement, there would be no monetary central planning or pointless attempts to manage the level of GDP, the number of new jobs, the rate of housing starts, the fluctuations of the CPI or the amplitudes of the business cycle. There would also be no pegging of the money market rate, no helping hand for Wall Street gamblers, no cheap debt to enable profligate politicians to kick-the-can down the road indefinitely.
In short, what the nation really needs is not an “independent” Fed, but one that is shackled to a narrow and market-driven liquidity function. The rest of its current remit is nothing more than the self-serving aggrandizement of the apparatchiks who run it; and who have now managed to turn the nation’s vital money and capital markets into dangerous, unstable casinos, and the nations savers into indentured servants of a bloated and wasteful banking system.

http://davidstockmanscontracorner.com/audit-the-fed-and-shackle-it-too/

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Janet Yellen Is Freaking Out About ‘Audit The Fed’ – Here Are 100 Reasons Why She Should Be

http://endoftheamericandream.com/archives/janet-yellen-is-freaking-out-about-audit-the-fed-here-are-100-reasons-why-she-should-be
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Anarcho-Capitalist, AnCaps Forum, Ancapolis, OZschwitz Contraband
“The state calls its own violence law, but that of the individual, crime.”-- Max Stirner
"Remember: Evil exists because good men don't kill the government officials committing it." -- Kurt Hofmann

Stated differently, there is no need to replace the 12-member FOMC cum monetary politburo with a gaggle of 535 legislators on Capitol Hill.

lol, love the lingo.
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LOL, Stockman: American capitalism does not need recycled political hacks like Jerome H. Powell or clueless school marms like Janet Yellen to thrive PgkowJT

LOL, Stockman: American capitalism does not need recycled political hacks like Jerome H. Powell or clueless school marms like Janet Yellen to thrive PgkowJT

LOL, nothing like accurate descriptors:

monetary politburo

Devil lol

_________________
Anarcho-Capitalist, AnCaps Forum, Ancapolis, OZschwitz Contraband
“The state calls its own violence law, but that of the individual, crime.”-- Max Stirner
"Remember: Evil exists because good men don't kill the government officials committing it." -- Kurt Hofmann

LOL, Stockman: American capitalism does not need recycled political hacks like Jerome H. Powell or clueless school marms like Janet Yellen to thrive

LOL, Stockman: American capitalism does not need recycled political hacks like Jerome H. Powell or clueless school marms like Janet Yellen to thrive

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