Fino a qualche anno fa, se escludiamo qualche accademico dimenticato che negli Stati Uniti seguiva gli insegnamenti economici di Mises e Rothbard, nessuno avrebbe mai neanche osato indicare la politica monetaria Federal Reserve as the cause of business cycles or even to question the goodness of the decisions of Alan Greenspan.
In fact, at the political level there was someone in the United States. He was a Republican congressman from Texas and have for years challenged the Master apparizionial during its Congress in 2003 predicted with remarkable clarity what would happen to the property market in the following years and brought to the forefront the issue during the campaign money Presidential 2008.
In Italy there is almost never mentioned Ron Paul, at least until last week, where the Sole24ore briefly mentioned in a article Alessandro Merli and site Libertiamo.it Seminerio Mario has dedicated an article .
Finally, Ron Paul has the space it deserves? Of course not, the problem is another.
These days, the Financial Committee of the Congress approved the bill Hr.1207 presented just by Ron Paul, which aims to improve the transparency of monetary policy actions of the Fed
Now the financial newspapers were quick to comment on the report, raising gli scudi in difesa della banca centrale americana e prospettando scenari apocalittici che si verificherebbero se il disegno di legge venisse approvato. I giornali di casa nostra si sono subito adeguati.
Non che ci fossero dubbi riguardo l’articolo del Sole24ore, che liquida il tutto in poche righe
«Dell'ostilità della politica sono conferma i progetti dell'influente senatore democratico Chris Dodd per ridimensionare i poteri della Fed, nonostante il parere opposto dell'amministrazione, e l'attacco frontale del populista republicano Ron Paul in Congresso, che vorrebbe addirittura tenere sotto controllo le decisioni rate "
In a period of two rows Merli can write two falsehoods.
first define Ron Paul as "populist," you do not know on what basis, but the intentions are obvious smear, and then states that the purpose of the deputy of Texas would be "put under control the rate decisions."
Anyone familiar with Ron Paul knows that there is no truth in what he wrote but how many Merli, in Italy, have never heard of it?
Surely they know those Libertiamo.it Seminerio and especially Mario, who was a columnist for the Free Market and has collaborated with the Istituto Bruno Leoni.
The cavalry is coming in defense of the main defender of free market, the real one, in the U.S.? No.
Seminerio, in fact, brings the thought of Alan Blinder, an economist who worked at the Federal Reserve, which highlights the dangers inherent in the bill 1207.
"The amendment appears harmless, says Blinder: ultimately, because
Il primo point raised by Blinder is this: the Fed
" In all likelihood, next year
Let's address the two points in order.
The text of the bill 1207 can be found at this link .
The key point is the first:
(a) In General-Subsection (b) of section 714 of title 31, United States Code , is Amended by striking all after 'Shall an audit agency 'and inserting a period .
If we look at the way the code in question, the paragraph is as follows:
(b) Under Regulations of the Comptroller General, the Comptroller General shall audit an agency, but may carry out an onsite examination of an open insured bank or bank holding company only if the appropriate agency has consented in writing. Audits of the Federal Reserve Board and Federal reserve banks may not include —
(1) transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;
(2) deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations;
(3) transactions made under the direction of the Federal Open Market Committee; or
(4) a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to clauses (1)–(3) of this subsection.
Dopo la trasformazione diventerebbe così:
(b) Under regulations of the Comptroller General, the Comptroller General shall audit an agency.
are then removed all the exceptions that prevent the Comptroller General to be in possession of all the truly relevant information. The American taxpayer has a right to know where are all brand new dollars that have been created to save the banking system? Knowing which banks took the money from the Federal Reserve, as they have taken, such arrangements have been made with other central banks, how much gold is in the coffers, etc..
Right now you can know all these things? Seeing is believing.
Blinder Remember what he said?
" the books of the Fed are already audited by the GAO, which also enters in the evaluation of important aspects of operation of the Fed, like the AIG transaction, and bank bailouts, to a example of topical "
Sure, sure, sure!
We come to the second question.
Hr 1207 will allow the Congress to control interest rates?
The question raised by Blinder
" We would be happy to review the Fed's monetary policy by the GAO, that members of Congress would use to intimidate, threaten perhaps , members of the body of the Fed that sets interest rates? "
is purely rhetorical. In the bill there is no fact reference to monetary policy decisions, which remain the responsibility of the board of directors of the Fed!
It 's just one bogey agitated in front of the player, saying: "Leave it to us or force us to inflation and we can not defend the purchasing power of your money"
course, is pure propaganda. In fact, the bill does not affect in any way the independence of the Federal Reserve, but rather undermines the privacy .
What Blinder wants is that the technocrats of the Fed could conduct their experiments cash away from prying eyes. We demand the technocrat: how can the common man to know what is the level of interest rates that maximizes economic growth and employment?
The answer is that not only the common man can not know this "optimal level" but not the technocrat to the Fed!
The interest rate, in fact, should be a market price like everyone else or else the economy is bound to suffer from cycles of expansion and depression, as described by Mises and Hayek.
Why, rather, almost all so-called "defenders of free markets" are in favor of privatization and liberalization in all areas except for the currency and the credit market?
