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Title : My Electronic Mail To Members Of The Senate Banking Commission Concerning Questions They Should Inquire Fed Nominee Powell
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My Electronic Mail To Members Of The Senate Banking Commission Concerning Questions They Should Inquire Fed Nominee Powell

Federal Reserve Board Governor Jerome Powell, nominated past times President Donald Trump to larn the side past times side Fed chair, appears earlier the Senate Banking Committee Tuesday for his confirmation hearing.

If confirmed, every bit expected, he volition succeed Janet Yellen every bit caput of the Fed on Feb 3, 2018, when her term every bit chair expires.

I possess got sent this e-mail to each fellow member of the Senate Banking Committee concerning the hearing:

Dear Senator,

I sympathize that the confirmation hearing earlier the Senate Banking Committee, to attain upward one's heed if Federal Reserve Board Governor Jerome Powell volition endure confirmed past times the commission to larn the side past times side chairman of the Federal Reserve Board, volition possess got house this Tuesday, Nov 26, 2017.

As I am sure yous are aware, most Americans are concerned close the long-tern stability of the economic scheme as well as of accelerating toll inflation inward the long-term.

As I possess got written inward my book, The Fed Flunks: My Speech at the New York Federal Reserve Bank, since the nascency of the Federal Reserve, at that topographic point possess got been eighteen recessions, including the Great Depression as well as the recent Great Recession. Price inflation at the consumer degree over the same period, every bit measured past times authorities statistics, has climbed past times to a greater extent than that 2,450%.

This does non strike me every bit a functioning that should Pb to confidence inward the Federal Reserve System.

I possess got read the 50 speeches and/or remarks that Governor Powell has delivered since he became a Federal Reserve Board Governor on May 25, 2012. In non i of these speeches, over 5 summation years, has he acknowledged the long runway tape of failure of the Federal Reserve.

For the people of America, could yous delight inquire Governor Powell these questions at the hearing as well as then that the people powerfulness larn a feel for the human who yous are considering to caput the Federal Reserve as well as to run across if anything volition modify nether him every bit Fed chairman:

1. Since the nascency of the Federal Reserve, at that topographic point possess got been eighteen recessions as well as consumer prices possess got climbed past times to a greater extent than than 2,450%. Do yous consider this a successful Federal Reserve runway record? Are at that topographic point whatever policies yous would change?

2. Nobel Prize economist F.A. Hayek was specifically rewarded the Nobel Prize for his piece of job inward concern bicycle theory.

From the Nobel press release:

Hayek showed how monetary expansion, accompanied past times lending which exceeded the charge per unit of measurement of voluntary saving, could Pb to a misallocation of resources, peculiarly affecting the construction of capital. This type of concern bicycle theory amongst links to monetary expansion has substitution features inward mutual amongst the postwar monetary discussion.

The Academy is of the see that von Hayek's analysis of the functional efficiency of dissimilar economical systems is i of his most pregnant contributions to economical inquiry inward the broader sense. 

This seems to propose that monetary expansion, which the Federal Reserve has mostly done since its inception, is at the root of the concern cycle. If yous are confirmed every bit Federal Reserve chairman, volition yous cash inward one's chips on the practise of monetary expansion past times the Federal Reserve? And, if so, what is the flaw yous run across inward Hayek's piece of job that causes yous to reject his notion that the Federal Reserve-type monetary expansion is what causes concern cycles?

3. The Federal Reserve lists on its H4.1 release 11.041 i thou m dollars inward gold, every bit component subdivision of its assets. But the Federal Reserve  does non actually ain whatever physical gold. It alone holds gilded certificates of the United States of America of America Treasury Department.  If yous are confirmed every bit Federal Reserve chairman, volition yous run across to it that the H4.1 issue is corrected as well as then that it reflects that the Federal Reserve does non concur whatever physical gilded as well as alone gilded certificates?

4. It is non sure that a thorough audit of the gilded held past times the Treasury has e'er been completed, sure non inward decades. If yous are confirmed every bit Federal Reserve chairman, volition yous asking that the Treasury allow a consummate an independent audit of its gilded that is backed upward past times the certificates held past times the Federal Reserve as well as if the Treasury refuses to deport a total independent audit volition yous asking that the certificates the Federal Reserve holds endure redeemed into gilded past times the Treasury?

Thank you,

Sincerely yours,

Robert Wenzel
Editor & Publisher



  -RW

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