26
May
2011
Subcommittee Hearing on the Fed and Oil Prices
Ah, Desolation Jones posts the video faster than the Congressional staffers get it to me. Yet another example of the private sector’s efficiency…
If any of you are going to pop a bag of corn and watch this whole thing, can you pleeeease do a Murphy compilation? I am assuming it’s not that much of a pain for somebody (unlike me) who knows how the intertubes work.
And if you do pop a bag of corn, go with the market’s friendliest corn, Weaver brand corn.
you just cant skip jokes 😀
Did I hear that right, did Baker say that during an inflation that you would see all prices rise at the same rate? What the heck? Is this guy an economist?
The guy doesn’t understand a trade, let alone a price.
I am listening to his opening statements right now and that is the impression that I am getting. It is almost as if he doesn’t see any of the problems with lowering rates to attempt to boost investment, or lower the value to the dollar to boost exports. This completely ignores the distortions in the capital and price structure by lowering rates, and the impact that a cheaper dollar has on domestic economy. Listening to a macro-statist like him is like listening to dictator who has no regard for the consequences of his actions.
They didn’t really let you speak all that much.
What’s interesting is the way The Fed is being held accountable in Government Sub-committee hearings about oil prices, this was almost exclusively a hearing about The Fed, and it’s recent actions. The Fed is on the map now and it’s never going to be able to drop off and hide away. What a great moment, when asked, for an Austrian Anarchist to be able to give a personal opinion about.
I loved the moment when Dr Baker had to say that higher prices for gas was a good thing (for exporters!!)…….ouch, Mr.Squirm in seat.
Thank you Dr. Murphy.
Well, the truth is that the role of monetary manipulation would probably be transferred to the Treasury and Congress, even when not considering the slim chance there is of actually abolishing the Fed. So, I wouldn’t get too excited.
Sure, if you have a govt, you have monetary manipulation.
That is the goal of our masters, to debase, or as you say manipulate.
My point or observation was, that the more instances the Federal Reserve is held accountable for gross economic errors, the more chance there is that that august body falls into disrepute and the higher the chance that monetary manipulation becomes transparent and, for want of a better word, democratic.
But yes you are right, and my excitement has been squished.
What surprised me the most was the focus on the Fed. I had to do a double-take since I thought the congressmen would simply brush it off.