The Fed announced the results of its year-long monetary policy strategy review yesterday at its virtual Jackson Hole conference. Powell delivered the bad news for savers and retirees. The Fed will now seek to target an average level of measured inflation rather than a 2% ceiling. The Fed’s justification for this change in policy is it has missed its 2% goal for the last decade. When measured by a narrow and manipulated price index that uses non-market prices and strips out some of the most important goods a consumer buys, inflation has run below the 2% target. But who’s fooling who … [Read more...]

To keep America great in a lasting way, President Trump’s policy priorities #1 and #2 in a second term should be ending the Fed, and scrapping the personal income tax system in favor of a consumption tax. 1. End the Fed Ron Paul wrote in End the Fed, “A point we learn from this event [ed note: the 1907 banking panic] and every other banking panic in U.S. history is that crises have always led to greater centralization. A system that is mixed between freedom and the state is a shaky system, and its internal contradictions have been resolved not by tending toward a free market but rather … [Read more...]

Here comes the propaganda from the Fed research staff. A new research piece from the Federal Reserve Bank of New York claims the greatest intervention and bailout of speculators, leveraged hedge funds, and others who took too much risk or borrowed too much is all roses and butterflies. The researchers claim the Fed’s bailout created no moral hazard. Really? Were these guys huffing paint fumes, or is this just another in a long line of propaganda pieces that claim everything the Fed does makes the world a better place? One hopes it was only the latter, but it's difficult to distinguish … [Read more...]