The Humble Libertarian

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Tuesday, January 17, 2012

Do we just need smarter people at the Federal Reserve?


No, no, no! Emphatically, NO!

This Friday, I covered the release of five-year-old transcripts last week by the Federal Reserve which show just how clueless everyone at the Fed was about the impending housing crisis and economic crash. If you didn’t give it a read, I highly recommend you check it out so you can marvel for yourself at “just how clueless everybody at the Federal Reserve was about the very thing that they are supposed to be the most well-informed and best-able to forecast and positively influence.”

In the article, I also point that there were many economic commentators (mostly of the Austrian school of economic thought) like Congressman Ron Paul and investment broker Peter Schiff who were able to predict the economic calamity to come, even with with less privileged knowledge than that available to the Federal Reserve’s open market committee members. So is the solution to simply fire Ben Bernanke and company (as Newt Gingrich proposes) and replace them with “smarter” people like those who saw the housing crash coming literally years in advance? No!

Read my entire article at The Silver Underground.


Wes Messamore,
Editor in Chief, THL
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