Crazy? One Brilliant Woman Standing Against Crazy Marxists And The FEDs

Common Sense Commentary: How ironic is it, when a nation runs out of courageous and competent men, that a woman steps into the breach and puts her pointy finger on the nose of the cowardly masculine leadership, and publicly exposes their idiocy and tells them off like Momma dealing with Junior. She twists his nose and tells him where his dumb actions will dump him. How could this much insanity get so deep rooted in America's Presidency, Congress, Supreme Court and the Federal Reserve System? Simple ... when you have a treasonous President, a cowardly Congress, senile Senator Mcconnell, inept Senator Reid, silly, pompous Pelosi and a power hungry Federal Reserve Bank, its easy. Its a natural, automatic self destructive formula for ruin that evidently none of them can see... but up steps a woman with clear vision like  Debbora of the Bible. She was the best man in the nation at a time of crisis, and led the way out of the cowardly craziness of God's people at that time. "And Deborah, a prophetess, the wife of Lapidoth, she judged Israel at that time." Judges 4:4

‘Crazy’?

Editorial of The New York Sun 2015

“We dare to talk about the gold standard and its relative merits, knowing that the merest whisper of a gold standard is enough to elicit the guffaws of the central bankers down the road. Because they say ‘that’s just crazy.’ And I think, really? Crazier than negative interest rates? Crazier than paying banks to keep loanable funds in sterile depository accounts at the Fed? Crazier than having the Fed buy up trillions in government debt, remit the interest payments back to treasury, and then count that as revenue to the federal budget?

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WHO'S CRAZY NOW? That's the question economist Judy Shelton of the Atlas Network pressed at the conference convened at Jackson Hole by the American Principles Project — is it the advocates of a classical gold standard favored by the American Founders or the partisans of fiat money that has handed the monetary powers to a runaway central bank?

“Is it crazier than having hordes of financial market analysts parsing every word uttered by a monetary official, obsessing over the minutes of the latest Fed meeting trying to glean clues about what might happen next? It’s almost as if we’ve forgotten how to engage in free enterprise, because we’re waiting for marching orders from a central planning agency. I think we’re the rational ones. They like to brand us as ideologues, but in truth we’re the realists. And that sobering fact is becoming clearer every day as reality continues to whipsaw global markets.”

Those are the words with which the economist Judy Shelton wrapped up her remarks at Jackson Hole, and let us just say, Patsy Cline herself couldn’t have put it better. Ms. Shelton’s remarks were, our sources report, one, if only one, highlight of the counter-conference that the American Principles Project convened to put into sharp relief the question of whether the Federal Reserve and America’s regime of fiat money are the cause of our national travail during what has come to be called the Great Recession.
What happened at Jackson Hole marks an important moment. For more than 30 years, the Fed has been meeting there annually for a symposium that routinely took place with hardly a peep from the public. This year its arriving delegates were met by representatives of two counter-conferences. One, called Fed Up, was a gathering of Marxists and other left-of-center figures who want to make money (even) easier than it’s been. They reckon that the failure of zero interest rates to create jobs will be rectified by even more easy fiat money......  (But).... the group asking the new and hard questions was the American Principles Project. It mounted a counter-conference that viewed the monetary question through free-market, constitutionalist principles, like those Ms. Shelton sketched above....

Both the Senate and House committees that oversee the Fed are now taking an look at strategic monetary questions. Their review includes what kind of oversight to give our central bank, what kind of mandates it should have, what rules ought to govern its formation of monetary policy. The House has already twice passed Audit the Fed, the second time but a year ago and by a vote of 333 to 92. This effort has been resisted by the Federal Reserve, and public counter-conferences are inevitable.
Call it a case of the public offering its own forward guidance. Both sides of the debate see a Federal Reserve that has lost touch not only with Congress but with the public. They see a Federal Reserve that is guiding the economy through the exercise of the judgment of Ph.D.s, as James Grant of the Interest Rate Observer often notes. The American Founders would have understood the error of the Ph.D. standard. They gave us a Constitution that granted to Congress monetary powers that our Revolution had wrested from George III, who really was — not to put too fine a point on it — crazy.