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Jim Grant Want Ron Paul to be Excutor of the end of the FED

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October 01, 2010 – Comments (1)

A great interview by Bloomberg a great find by zerohedge here:

http://www.zerohedge.com/article/jim-grant-accuses-fed-lethal-intervention-and-manipulation-us-economy

Jim Grant Accuses Fed Of "Lethal" Intervention And Manipulation Of US Economy

Yesterday Jim Grant gave an interview to Bloomberg's Pimm Fox, which was as usual informative and entertaining, and thus must see. Yet the section which is most relevant for our post-capitalist society (one is unsure what defines it best: communism? socialism? fasism? farcism? idiocy?) is Grant's discussion of H. Parker Willis, one of the founders of the Federal Reserve in 1913, who in a book written two decades later laments the very existence of the Fed. As Grant says: "Willis was present at the creation of the Fed, he was one of the draftsmen of the Federal Reserve Act of 1913. Willis was also the first secretary of the Federal Reserve Board - he knows this institution. He wrote a book in 1936, which was a lamentation about the low estate of Central Banking in America, the Fed had lost its way in 1936. It had opened its doors in 1914 and by 1936 it had eaten the forbidden fruit, it was in the business of guiding the economy, of managing the economy, of manipulating this aggregate and that, and Willis said: "For Pete's sake. You can't know that - the GDP data are not reliable enough for you to do what you think you are doing." It's a wonderful tract against the tendency of the Fed to do what it has so lethally done to this economy in my opinion, which is to steer us, in the interest of raising the GDP it presses interest rates to zero, pouring out immense volumes of econometric studies in support of this dubious enterprise. Hey Fed: just attend to the dollar, that's it, no inflation, just do one thing! You've heard of mission creep, these guys are the mission creeps par excellence."

When even cool, calm and collected pundits like Jim Grant fall into murderous paroxysm of blind rage when discussing the Fed, you know it is only a matter of time before the world's most destructive organization is eliminated. And yes, it won't go without lots of blood.

http://www.zerohedge.com/article/jim-grant-accuses-fed-lethal-intervention-and-manipulation-us-economy

1 Comments – Post Your Own

#1) On October 01, 2010 at 12:40 PM, TigerPack1 (97.83) wrote:

GREAT POST, A++++

I have screamed against the existence of the Federal Reserve system idea for over 20 years.

Nice to see Jim Grant, one of the top banking experts of all time starting to come to the same conclusion.

A Dollar backed by gold/silver, with its price adjusted by the elected Congress and the President every 15-20 years, alongside a small army used only to control the borders (excluding the Civil War) were the foundation of what made AMERICA great for 150 years.

The creation of the Federal Reserve came at about the same time as World War I, and we have used both funny money and an ever larger army to influence our will on others and occupy countless territories and nations since then to "keep the peace" and encourage the American way globally.

Since we left the gold standard in 1970 under Nixon (Alan Greenspan was one of the architects of the idea), real inflation adjusted growth in the U.S. has been less than 2% annually, versus the 5% growth rate annually the previous 200 years! That's the only fact you need to use to gauge the effectiveness of a fiat currency and our Federal Reserve's performance the last 40 years. Think about it people!!!!

We should "fear" the FED, not a stable Dollar backed by gold!!!! But most economists, who do not know how to add on their own, believe the opposite.

-TigerPack

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