Wednesday, September 5, 2007

Let the Fed Go!

The Eccles Building (photo by Dan Smith)One of the legacies of the Persona Non Grata of this blog is the Federal Reserve System.

Now there is a petition up to have it abolished.

By all means, please do feel free to sign.


El Jefe Maximo said...

The Federal Reserve System was indeed a legacy of this blog's persona non grata, but unlike some of that gentleman's other legacies, I'm not sure the Fed. has been entirely pernicious.

At any rate, doing away with, or altering the Federal Reserve System is one of those ideas that, has a fairly high possibility of producing unintended unpleasant consequences. Before one considers any "reform" of such a system, it must be assured that the cure is not worse than the disease. In fact, failure to consider this point, in the context of his interferences in European affairs in the First World War is what led the blog's persona non grata -- and so much else -- to grief.

At any rate, I am of the opinion that much of the "reform the Fed" talk Americans are hearing has more to do with politicians wanting to get their paws on the currency, so they can inflate their way out of debt. That is not an experiment anybody should be eager to see tried.

J.K. Baltzersen said...

You certainly do make valid points, sir, and I do not endorse ending the current system in an uncontrolled manner.