[peaceandlove]

The Fed Creates a Crisis and Hampers the Recovery

by William Anderson

William L. Anderson, Ph.D., teaches economics at Frostburg State University in Maryland, and is an adjunct scholar of the Ludwig von Mises Institute. He also is a consultant with American Economic Services.

When Ron Paul made eliminating the Federal Reserve System a centerpiece of his presidential primary campaign last year, media pundits and others scratched their heads in amazement. After all, they reasoned, is not the Fed a collection of "conservative, buttoned-down" public officials who are given the mission of providing prosperity?

Indeed, whenever Ben Bernanke and his predecessor, Alan Greenspan, have traveled to Capitol Hill to testify before congressional committees, they are treated as royalty, economic geniuses whose every word is treasured, even if Congress and the press cannot comprehend all of them. If there is any criticism for these men, it is that they have not inflated enough.

However, in watching one exchange last year between Rep. Paul and Bernanke, I was struck not only by the lack of comprehension of economic logic that Bernanke possessed, but also his utterly wrong view of the actions of the Herbert Hoover administration...

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