Meet the smiling faces of damage control central.That which is done is what will be done,
And there is nothing new under the sun.
—Ecclesiastes
* * * * *
Kansas City Federal Reserve president, Thomas Hoenig, has created quite a tempest!
The uniform claim stating Fed policy needs to remain accommodative on account of high unemployment is unadulterated sophistry. Again, there is no discussion about how credit the Fed creates out of thin air is being applied. What productive investments does this credit facilitate?
Of course, the assumption is we let "the market" decide. Yet haven't we had enough of this? Look at the scrap heap the market has wrought! It is time to reconstitute a Hamiltonian National Bank.
—Tom Chechatka
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