The Lords of Easy Money: www.amazon.com...
Tom Hoenig is the great dissenter of the Federal Reserve. As President of the Kansas City Federal Reserve Bank and member of the Federal Open Market Committee during the reigns of Greenspan and Bernanke, he consistently opposed quantitative easing. Tom had the confidence of his central banking experience and the courage to be the sole "No" vote against his chairman and colleagues. Therefore, Tom is uniquely qualified to address the crippling inflation and destabilizing asset inflation caused by the Fed’s unrestrained printing of money without legal guardrails. If the Fed had followed Tom's advise, there would be no Silicon Valley bank failure and central banking crisis today.
Like the American military, the Fed gains more power and resources the more it fails. Former Secretary of Treasury Henry Paulson crowed during the 2008 financial crisis that gave birth to the questionable use of TARP funds to bailout certain privileged banks: “Even if you don’t have the authorities-frankly I didn’t have authority for anything-if you take charge people will follow.” Mr. Paulson’s alarming boast evoked little reaction and led to massive spending and money creation.
The Federal Reserve sits at the apex of centralized power over the financial industry and the nation’s economy. It prescribes monetary policy from day-to-day like Platonic guardians with no accountability for stupendous blunders or miscalculations. No standards govern its discretion over quantitative easing or interest rates. Tom.will explain how inflation is uncontrollable when the Fed prints money to support the fiscal irresponsibility of Congress -- deficits projected at $2 trillion a year as far as the eye can see.
Tom will recount that with the end the gold standard any remaining discipline over monetary policy was extinguished and what remained was a central planning body to set policy without limits. His lonely dissents were prescient and a badge of courage. He participated in a government of men and women -- not of law. Along with former salon speaker Richard Fisher (Dallas Federal Reserve Bank President), Tom has publicly called for an end to too-big-to-fail banks.
5 окт 2024