Posted by Brad @ 2:35 pm on April 25th 2009

“Itís time for libertarians to start taking Federal Reserve issues seriously”

So writes Stephen Gordon at the Liberty Papers. While admitting that the Fed critics have often been peppered with outright kooks, he nonetheless notes that the issue, while in 2007 it might get one laughed off the stage, is at least raising some mainstream eyebrows now. Exhibit A: Tea Parties, where the Fed issue wasn’t central but was certainly visible at every one, and it’s no longer uncommon to hear commentators relaying it without rolling their eyes.

Exhibit B: Ron Paul’s “audit the Fed” bill now has 80 92 co-sponsors, and even Barney Frank (who runs the committee the bill has to pass through), while making clear that he doesn’t agree with the implications of it, he also indicates that it’ll get a fair hearing (starting at about 2:25).

2 Comments »

  1. I’m starting to agree.

    Comment by Rojas — 4/25/2009 @ 3:12 pm

  2. And I think a large part of the matter, besides the objective merits of it, is simply a downgrading of the rhetoric. Nobody can get on board “Abolish the Fed” calls (at least as a matter of public policy; works well enough as a protest poster), and at that point you have to start talking about alternatives, gold standard, etc. etc. etc., at which point you either sound nutty or really boring.

    But there is a massive constituency for basic accounting of a federal agency tasked with propping up the banking system, so much so that it’s almost fairly fishy that there isn’t more support for it.

    Comment by Brad — 4/25/2009 @ 3:24 pm

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