Boring, But Bad — The Problem Of The Federal Reserve
” I’ve always avoided reporting on the Federal Reserve. I know it’s more important than much of the stuff I cover, but it’s so boring. How can I succeed on TV reporting on the Fed? Fed chairs even work at being dull.
Alan Greenspan said he tried to be obscure because he didn’t want to spook markets. He called his obfuscation “Fedspeak.” It’s a far cry from the clarity of his language — and principles — when he was young and a disciple of libertarian Ayn Rand.
Outgoing Fed Chairman Ben Bernanke and his likely successor, Janet Yellen, are almost as boring.
But we should watch what they do. The Fed can destroy your savings and your future. The current crew of Fed bureaucrats has raised the Fed’s balance sheet to a stunning 4 trillion dollars.
As Sen. Rand Paul‘s father, retired congressman Ron Paul, put it, “No secret cabal of government officials should have the authority to create money out of thin air.” “
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