First of all, I love all these “abolish the Fed altogether” folks. I would abolish liberalism too, but I don’t have the authority. Do you have the authority to abolish the Fed or know who does? And why haven’t they done it? Reality is reality.
On the other: Cain served 95-96 on the KC Fed. You can find that anywhere. The Fed’s interest rates were all above 8.25% during that time and as high as 8.75%. That was about as high as any time during the Greenspan era. Cain’s influence, and I don’t know how much he had, would have been towards a king dollar policy and totally against the dual mandate (the second part of which is the inflationary part).
The Fed exists. Even Superman Ron Paul hasn’t stopped it and he’s been trying for 400 years or so. Given that, I would rather conservatives be on the board than liberals.
I knew he was old, but damn...
LOL
First of all, thanks for the love!
As for abolishing the Fed, its mere existence is not reason enough to let it keep on existing.
I do not for one minute believe we need the Fed, at all. America was not founded to have banks in control of our economic destiny any more than a class of royalty was.
I do not have to accept its inevitability or its continuation. Many unjust institutions in this country took generations to abolish.
And, might I add, I DO have the authority to abolish the Fed. I am an American and this is my country not the Fed’s. It’s just a matter of getting several million of my closest friends to agree with me. And, after the last decade or so of theft at the most gigantic of porportions I see that many of my fellow citizens are starting to come around.