…As a member of the “keep the Fed” camp in prior years, it seems to me now that we will most likely come to that point, in not too many years, where replacing the Fed will be the best and even the easiest path.
We are not there yet. First, the Federal Reserve, and similar institutions worldwide, will have to make enough egregious mistakes that the public’s desire to expel them becomes unstoppable. This would be unpleasant, but as even mainstream Wall Street types conclude that the Fed is probably “locked in” to continuing debt monetization for the forseeable future, that now seems like a more and more probable outcome.
Besides, it’s plain embarrassing for Alan Greenspan to be out ahead of me on this issue.
End the Fed.
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