Barney Frank Wants You To Get Off the Fed's Back
Way to manufacture a completely unrelated straw man that has nothing to do with the actual argument, you asshat.
Here's the deal, Barney Frank would like you to forget about all the epic Fed failures of the last two years (and beyond) and do the American thing, which would obviously be to support our non-government central bank as if they are our troops in Afghanistan. Go America!
The Boston Globe:
“Debating American economic policy is one thing; joining in a broad attack by foreign central banks, who insist that America somehow must subordinate our own legitimate economic needs to their currency requirements, is quite another,’’ he said in a statement.
Republican economists sent a separate letter to Bernanke last week criticizing the Federal Reserve’s bond-buying plan. Foreign leaders from China, Germany, and Brazil have also signaled their displeasure.
“I was not surprised at the extreme hypocrisy of the Central Bank of China insisting that America — apparently alone among nations — has an obligation to subordinate its own legitimate economic needs to international currency movements, nor was I surprised that other central banks, including Germany’s, joined China,’’ Frank said in his statement.
“What did disappoint me was to see conservative economists, high-ranking officials of previous Republican administrations, and Republican congressional leaders share the attack by these foreign banks not simply on the substance of the Federal Reserve’s proposal, but on the very notion that America has a right to give a primary focus to our own economic need for growth at this time.’’
Frank calls it "growth" but any of us with a quarter to half a brain calls it what it is: intentionally manufactured inflation. The problem with the Fed printing $600 billion is that we, the American people, are on the hook for paying that back. The Fed isn't doing us any big favors by "stimulating the economy", they're simply writing us out a check for a payday loan so we can keep the lights on at the White House. You didn't think that money was free, did you?
It's alright though, once inflation hits we'll just pay them back with worthless paper and call it even.