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New York Sun: The Fed nominees are just corks on the water
From The New York Sun
Monday, February 14, 2022
The Senate Banking Committee is fixing to send to the full Senate tomorrow five nominees for governors of the Federal Reserve, including the chairman, Jerome Powell. The New York Sun opposes each of them.
Yet our overriding concern is not the nominees themselves but the failure of the senators to consider that the root of the problem in our economy lies with the system of fiat money itself.
... Dispatch continues below ...
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We've been beating this drum in one orchestra or another since 1971, when America defaulted on its obligation under Bretton Woods to redeem at a 35th of an ounce of gold dollars presented to it by foreign governments. In the quarter-century of Bretton Woods, unemployment averaged 4.6%. Thomas Piketty's inequality rate lurked at historic lows, as did the personal bankruptcy rate so closely watched by Senator Warren.
No sooner was Bretton Woods abandoned than those indicators started soaring -- and, on average, stayed high. The dollar itself has shed a staggering 98% of its value, measured in gold. Today one would have a hard time getting for a dollar more than an 1,800th of an ounce of gold, a circumstance that would have, we have often said, floored the Founders of America -- and of the Federal Reserve itself. ...
... For the remainder of the commentary:
https://www.nysun.com/editorials/the-fed-nominees-corks-on-the-water/92061/
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