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Friday, May 17, 2013

Why Not End the Federal Reserve?

There is a very good reason not to go with the time-tested cliche uttered by many a follower of Congressman Ron Paul.
Ending the Fed may cause more harm than good. Most "end the Fed" people assume that we'd go onto sound money (like a fixed gold standard or a rules-based monetarist regime), but if the President and/or Congress has the authority to eliminate the Federal Reserve, they also have the authority to alter American monetary policy on a whim. If you think that elected officials would do a good job with monetary policy, remember - they can't even manage basic things half the time.
Michael Fisk, source

That's why! 

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