Fight for the Fed: Ben Bernanke vs. Nancy Pelosi and Harry Reid

November 23, 2009

Ron “End the Fed” Paul:

If you want to be a strict constitutionalist, there’s a lot more defense of having Congress involved with defending the value of the currency than delivering this responsibility over to the Fed.

Me: Keep in mind that there are in folks in Congress, such as Barney Frank, who would like to depower the Fed bank presidents because they worry too much about inflation.  Mend it, don’t end it!

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How can you mend central planning? The Fed is socialist and needs to be abolished. Interest rates need to be set by the free market — people’s time preferences of money.

A restoration of Hendricks vs. Griswold and hard money is also needed to kill inflation and budget deficits once and for all.

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