Stiglitz and Forbes Team Up to Call Out the Fed
Joseph Stiglitz (yup, the Nobel economist who called the Fed "corrupt") has some bad ideas about the "reverse" stimulus happening in state legislative houses around the country as they scramble to cut social services and education but we'll ignore those cracked-out Keynesian ideas and focus on the important stuff: hating on the Federal Reserve.
Despite their different opinions on the role of government in monetary policy, both Forbes and Stiglitz found some common enemies, including the IMF and, notably, the Federal Reserve.
An audience member asked the pair if the Federal Reserve was private, and, following an uncomfortable murmur in the crowd, Stiglitz replied, "That's a good question", calling the nature of the Fed "a little bit ambiguous" and stating that the functioning of the regional Feds made them somewhat like a "federally chartered club."
"The Fed's a creature of Congress," added Forbes. "The amazing thing is, when you say monetary policy people's eyes glaze over, especially in Congress. As a result, this powerful institution has less oversight in Congress then the CIA."
"I don't want Congress running the Federal Reserve, but that's quite different from accountability," Forbes added.
Stiglitz also had some more harsh words for the Fed: "If we looked at a banana republic with a structure like that, we would say you've got to change or we won't give you any money."
"It's just not consistent with a democratic government," he said.
Since when are we a democracy anyway? You can't put dumbed-down America in charge of deciding their future, they can't even decide how many inches to dedicate to the ole big screen TV they can't afford!
Steve Forbes can suck a dick but for once he actually made sense - I know, I was shocked too - and it's great to see warring factions holding hands and agreeing that regardless of how we feel about abortion, healthcare, gay marriage and legal drugs, we can all agree that the Fed's got to go. I knew there was a reason I still loved America.