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Time to shut down the US Federal Reserve?

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Donnachaidh Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 09:14 PM
Original message
Time to shut down the US Federal Reserve?
http://blogs.telegraph.co.uk/finance/ambroseevans-pritc... /

Like a mad aunt, the Fed is slowly losing its marbles.

Kartik Athreya, senior economist for the Richmond Fed, has written a paper condemning economic bloggers as chronically stupid and a threat to public order.

Matters of economic policy should be reserved to a priesthood with the correct post-doctoral credentials, which would of course have excluded David Hume, Adam Smith, and arguably John Maynard Keynes (a mathematics graduate, with a tripos foray in moral sciences).

Writers who have not taken a year of PhD coursework in a decent economics department (and passed their PhD qualifying exams), cannot meaningfully advance the discussion on economic policy.

Dont you just love that throw-away line decent? Dr Athreya hails from the University of Iowa.

The response of the untrained to the crisis has been startling. The real issue is that there is an extremely low likelihood that the speculations of the untrained, on a topic almost pathologically riddled by dynamic considerations and feedback effects, will offer anything new. Moreover, there is a substantial likelihood that it will instead offer something incoherent or misleading.

You couldnt make it up, could you?


More at the link ---
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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 09:15 PM
Response to Original message
1. Oh for crying out loud. The telegraph is crap. nt
Edited on Wed Jun-30-10 09:16 PM by babylonsister
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DJ13 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 09:20 PM
Response to Original message
2. How dare the common folk question their Lords!
They should just shut up and eat their gruel like good serfs!

And to you DLC unrec'ers, piss off!
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Sebastian Doyle Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 09:22 PM
Response to Original message
3. The "Federal Reserve" is neither Federal nor does it have a reserve.
It is a system of private banks, and should not be controlling our economy. And it DEFINITELY should not be further empowered by any half-assed "reform" bills currently on the table.
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w4rma Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 09:31 PM
Response to Original message
4. I think we should replace the Federal Reserve Bank with a Federal Reserve Credit Union.
Edited on Wed Jun-30-10 09:33 PM by w4rma
The heck with banks. And there sure doesn't need to be any for-profit entities with near total and secret control of the U.S. monetary system.
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