Thursday, April 14, 2011

KC Fed Prez Warns the 'End the Fed' Movement

Well, here's a new angle for attacking the End the Fed movement.

Kansas City Fed President Thomas Hoening tells columnist George Will that the End the Fed movement could result in a stronger Fed. Will writes:
He warns "end the Fed" advocates to be careful what they wish for. The Fed will not go away; under "reform," regional banks such as his might. This, he says, would make the New York-Washington financial axis more powerful relative to "this part of the country."

Uh, note to Hoening, isn't the Fed alreadypumping billions into to the top Wall Street banks, JPMorgan, Goldman Sachs and et al? I didn't realize that The Security Bank of Kansas City had such influence over Fed activities. Come to think of it, I didn't realize that Hoening had so much influence at the Fed, since last I recall he was always the sole vote that wanted to stop the money printing.

Most important though, I think the End the Fed movement understands the difference between shutting down the central bank and closing an unimportant outpost.



  1. Hoening does have a point that, legislatively speaking, underhanded things are done under the cloak of "reform" or in response to some kind of public outcry.

  2. We'll try to keep focused on his warning as the "boys" are frog marched in ankle bracelets to their new home...