re: #11 Cannadian Club Akbar

“You could have bailed out Greece?”
“Yes, but we haven’t.”
“But you could?”
“Yes, but we haven’t”
“But you could?”
Repeat until yer head goes splody.

I guess but his point is valid.

The fed reserve does have some enormous power that’s very poorly understood by just about everybody. It is a black box that has little transparency and zero accountability to the american public. It’s terrible management in the 2000’s brought the world economy to the brink of complete collapse. Monetary policy in the 2000’s was totally fucked. The fed charmain was championing interest only ARMs in congressional hearings. Interest rates we’re driven by Greenspan’s desire to keep Bush in power and to preserve his “legacy”.

I’m just not comfortable with institutions with such massive amounts of power being completely inoculated against accountability.

Paul is totally wrong about the gold standard and moderate inflation, sympathizes with anti-semites and is prone to cooky conspiracy theories, but he’s in the ballpark on the fed, they’re out of control and have sick amounts of power. That’s bad.