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Does the Fed Have Too Much Power?
Yes. Its authority should be turned over to either the President or Congress. 0 (0%)
Yes. It should be abolished and its powers should be left to the market. 1 (50%)
No. Its powers are too important to be turned over to the President or Congress. 0 (0%)
No. It’s fine as it is, but it does need new leadership. 0 (0%)
If unemployment was lower, no one would be asking. 1 (50%)
Total Votes: 2
Does the Fed Have Too Much Power?
Topic Started: 23 Nov 2009, 05:31 PM (460 Views)
Ryan
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I'm mostly drawing attention to the NBC Newsvine poll (go vote in that one as well!) and its results, but we could turn this into a full blown discussion of the Federal Reserve.

The National Results (so far, as of the time of this posting) of the poll above:

Posted Image

http://business.newsvine.com/_question/2009/11/22/3531460-does-the-fed-have-too-much-power

Guess what I voted.
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Richard
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What about "yes, it should be limited to controlling the inflation rate like European central banks"
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Maxwell Wilder
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Last, because economic prosperity breeds apathy.
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Ryan
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Richard
23 Nov 2009, 05:45 PM
What about "yes, it should be limited to controlling the inflation rate like European central banks"
That's actually a good point.

Though I would still be averse to all Central Banks, I would strongly favor the European Central Bank with its single mandate of price-stability (although then it brings up the problem of "the price-level.") over the Fed.
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Maxwell Wilder
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Maxwell Wilder
23 Nov 2009, 05:50 PM
Last, because economic prosperity breeds apathy.
Wanna contest this point? ;)
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Ryan
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Interesting claim - apathy towards what? Politics? Or life in general?
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Maxwell Wilder
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Politics. There's a cartoon by the Boondocks on it, I have to find it in my treasure trove of LEGAL DOWNLOADS.
Edited by Maxwell Wilder, 23 Nov 2009, 07:44 PM.
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Ryan
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I don't see that as a bad thing, per se.

The problem is, politics have already been fucked up, and then there's economic progress. If there were no State (and thus no bad politics), then economic growth producing apathy would be a great thing. :D

But now we have to get rid of the bad politics, and then have economic progress.
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Maxwell Wilder
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Hitler made economic progress, and look what apathy did to Germany. ;)
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Ryan
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Yeah that's exactly what I'm saying - you can't let the State come in and mess things up, because once any economic prosperity occurs, people will forget the awful things that Statism breeds, and they'll never go away.

And what typically happens is when people actually realize these problems, in times of crisis, they turn to the State to give it more power, and make the next crisis that much worse. It's the timeless, vicious cycle.
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