The View From 1776
Wednesday, November 17, 2010
The Fed Is Just Following Orders
Joseph Calhoun writes that we should blame Congress and the Democrat/Socialist Party, not the Fed, for the present mess. Read Economic Malaise: A Failure of Policy, Not Rhetoric.
It is the politicians who are tasked by the Constitution with coining and regulating the value of our money who are to blame. They delegated (abdicated?) this responsibility to the Federal Reserve and then expanded the Fed’s mandate to include economic growth and employment, real variables over which the Fed has no control.