Re: Reengineering the Fed

[Dennis R Redmond <dredmond@xxxxxxxxxxxxxxxxxxxxx>]

On Mon, 6 Oct 1997, William F. Hummel wrote:
> I would strongly oppose placing the Fed in the hands of the
> Treasury, and thereby making it just another part of the
> executive branch, i.e. directly responsive to politicians.  The
> implications are frightening.  The examples you give of nations
> who have politicized their monetary policy can hardly be
> described as ones to follow.

No more frightening than a Fed directly responsive only to an oligarchy
of power-elites and selfish rentiers. And why are the fiscal strategies of
Japan, South Korea, Austria and Taiwan unworthy of emulation? In fifty
years they went from broken-down semi-peripheries to
rich industrial states. Japanese per capita GDP is around $35,000, the
American figure is around $27,000, according to the rabid socialists over
at the OECD. Or do you really believe that this had absolutely nothing to
do with these countries' extensive and intensive intervention in credit
and financial markets?

-- Dennis