That is not short term political pressure on the monetary policy.

Political pressure on the policy system would be to change policy again and again by the sway of the political allignments in congress.

This is merely doing things that the FED was designed to do in the first place.

It’s attributed to a failed monetary policy.

Alan Greenspan screwed up. He admitted he screwed up. But again, all you state is flawed policy.

Flawed policy =/= flawed system.

The failure that is Iraq doesn’t mean that the entire governmental system is a failure. It means the policy was wrong.

Getting rid of the FED isn’t the answer. The answer is to improve/change the policy.

The rate of inflation has decreased the purchasing power of a single dollar to less than $0.04 since the FED was created in 1913.

Flawed policy is certainly equal to a flawed system. The FED was created to control prices and yet it doesn’t do that very well at all.

Central economic planning doesn’t work.

Actually FED was created to issue a single currency.

It was also created after The panic to give extra capitol to banks when they need it to prevent them from crashing and causing a spiral of destruction.

You must also understand that, if you are right about it failing to control prices, it could still lie with flawed policy and not system.

I’m also skeptical about the FED failing as hard as you make it out to be, but my knowledge of economics does not extend that far.

Can you show me one example in which the FED actually worked the way you describe?

The banking panic, was created in part, by the same bankers that benefited from the FED being created. Instead of the American People in control of the currency we gave our printing rights away to a banking cartel.

You claim it’s a policy issue. Then show me one policy the FED did that worked.

He was being ironic.

Common sense in the white house is a sign of relief after 8 years of being confused.

Thank you Mr. President.

It’s abot time they fixed these dirty MFs.

How so?

They are already starting to try to go around the laws. JP Morgan Chase is preying on customers with low fixed balance transfer offers by increasing the minimum monthly payments. In my case they raised it by 3% or over $300 per month. They want you to default on your payments so that your interest rate automatically goes up. They get bailed out and we get bitten.