The Federal Reserve Act was signed into law on December 23, 1913. It was designed to provide an elastic currency and prevent banking panics. The Great Depression, the Great Inflation, and the Panic of 2008, however, seriously mar the Fed’s record. In particular, the Fed’s failure to detect and prevent the 2008 financial crisis needs close public scrutiny. Moreover, the Fed’s vast expansion of its balance sheet during the last five years and its suppression of market interest rates have failed to generate robust economic growth and full employment. Those issues will be addressed by our speakers and a case made for creating a Centennial Monetary Commission (HR 1176) to explore alternatives to the current pure discretionary government fiat money regime.
Featuring the author Betty Medsger; with comments by Julian Sanchez, Research fellow, Cato Institute; moderated by Gene Healy, Vice president, Cato Institute.
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In this issue of the Cato Journal, economists Geoffrey Black, D. Allen Dalton, Samia Islam, and Aaron Batteen offer one prominent example of allowing the market to work. Also in this issue, economists Jason E. Taylor and Jerry L. Taylor reexamine the relationship between marginal tax rates and U.S. growth, and Robert Krol looks at bias in CBO and OMB economic forecasts.
March 13, 2014
March 13, 2014
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