Wednesday, September 24, 2008

Paul versus Bernanke. Round ???

Bernanke makes some questionable statements.

Bill Anderson at writes:

Contrary to his statement, the Fed was not taking advice from Andrew Mellon in the early 1930s. As Murray Rothbard points out in America's Great Depression, the Fed did try to reflate, but it did no good.

Then Bernanke says the Fed's power to create money was delegated to them by Congress, therefore they have all the authority they need.

Ron Paul says (in an essay appropriately titled "Abolish the Fed")

The Constitution does not give Congress the authority to delegate control over monetary policy to a central bank. Furthermore, the Constitution certainly does not empower the federal government to erode the American standard of living via an inflationary monetary policy.

No comments: