Calls to reform, audit, and even eliminate the Federal Reserve have been growing in recent years. We certainly call for an end to the Fed and I encourage anyone interested in monetary policy and the Federal Reserve to read Free Prices Now by ACC co-founder Hunter Lewis. Hunter is a scholar of the highest order and a remarkably successful financier. If you want to understand the sins of the Federal Reserve read his book.
But many people already understand the sins of the Fed and many of these people gathered in a counter summit to the party the Federal Reserve was having this week in Jackson Hole Wyoming. One of the people criticizing the Fed was Benn Steil who, believe it or not, is a director of international economics at The Council on Foreign Relations.
Benn Steil, Ph.D., in his book The Battle of Bretton Woods, credits the roots of central banks printing trillions in paper currency, suppressing interest rates, and manipulating markets to a post-war world designed by President Franklin Roosevelt’s chief U.S. negotiator Harry Dexter White, a Treasury official later was unmasked as a Soviet spy.
Mr. Steil highlighted that the gold-based monetary system expired in 1914 after a century of long-term price stability, peace and prosperity. After WW I, the world moved to a supposed “gold-exchange” standard that was really based on paper money exchange and led to price instability, war and depression over the next 30 years.