Well it really isn’t Randian, but ok.
I was talking about Paul, who admires Rand as much as the John Birch Society.
My point is that one should probably be mindful of the company you keep, and that the proposition has been part of Ron Paul’s anti-Fed crusade should give people at least some level of pause. Lay dog with dogs and all that.
Yeah, yeah, and speaking of dogs, did you know Hitler loved them? That gives me paws (heh, get it?) about also being a dog lover. But seriously, MY point is that it’s not a choice between one lunatic fringe or another: It’s entirely possible to think the amount of former-Enron-lobbyist-guarded secrecy surrounding the Fed is a troubling thing without advocating a return to the gold standard.
As far as the policy itself goes, I really have no clue what you do. In theory it would be nice to have more transparency from the Fed, but in practice it’s hard to see how that doesn’t create some pretty bad outcomes. Christ, the chairman of the Federal Reserve can’t even give realistic forecasts if they’re negative without sending the market into a tailspin just by talking.
Well, mind you, I’m talking out of my ass too, but I think it’s worth exploring a system in which someone other than unelected former Wall Street kingpins have oversight of the organization that controls US monetary policy. I realize it’s a dicey situation, but so are national security secrets, and we don’t respond to that conundrum by turning foreign policy over to the military. I think the same principle applies.