ECONOMICS: Janet Yellen and the “FED” should go to the trash pile of history

https://dailyreckoning.com/91851-2/

POSTED JANUARY 25, 2017
Trump Missed His Biggest Chance to Drain the Swamp
BY DAVID STOCKMAN 

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Janet Yellen insists that she would serve out her full term (until January 2018) and has rather cheekily lectured Congress about the dangers of political interference with the central bank.

Oh, my.

Before December — after the election — the Fed spent the past year sitting hard on interest rates for no plausible reason whatsoever. The main reason was to perpetuate the stock market bubble and thereby ensure the election of Hillary Clinton and a perpetuation of the current Wall Street/Washington regime.
To his credit, Donald Trump called her out on this blatant political meddling during the campaign, calling it “shameful” and designed to keep the stock averages levitated through November 8th.

He was exactly right. Yet notwithstanding his shocking victory, Yellen has the temerity of a pot calling the kettle black. Her Keynesian-statist party has been rebuked by the American public, but the terminally grating school marm who occupies the big chair in the Eccles Building petulantly insists that her right to rule has not been diminished by an iota.

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The Federal Reserve Bank is a misnomer. IT ain’t “federal”. It reserves nothing. And, it ain’t a “bank”. It is a private cartel of the elite banks run for their benefit and that of the entrenched politicians.

It’s designed to corrupt Americans and the world into accepting a unbacked fiat currency.

The benefit of a real gold standard is to restrict what the Gooferment can spend. Imagine if it couldn’t borrow and spend beyond what it could steal from the taxpayers. A lot less war and welfare spending, for sure.

Argh!

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