AmericanBanker/Kenneth H. Thomas/7-20-2022
“The Fed has been cited for many failures in recent times, including the 1970s’ Great Inflation, the Subprime Crisis and the Great Recession. The Fed’s repeated characterization of inflation last year as ‘transitory’ was one of its biggest mistakes, and one with which we are still living.”
USAGOLD note: Pointed criticism of the central bank from former Wharton finance professor Kenneth H. Thomas. He lists four reasons for its “poor record of performance” and they go to the heart of what’s wrong with the Fed. Highly recommended.
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“There is no institution in the United States that has such a high public standing and such a poor record of performance.” – Milton Friedman
