the fed, gold & the yellow brick road ...

... Paul's bill "would be very dangerous in terms of promoting inflation," Mishkin said. "If you make the central bank beholden to politicians on a short-run basis, you get very bad outcomes: high inflation and less of the ability to deal with shocks like the ones we had recently."

That's funny Frederic, I always thought inflation was what you guys do every time the system hiccups, when new debt is issued and Federal Reserve Notes are printed out of nowhere.

"A number of the legislative proposals being circulated would significantly reduce the capacity of the Federal Reserve to perform its core functions," he wrote. The measures "would seriously impair the prospects for economic and financial stability in the U.S."

If the 'stability' exhibited in Q4 2008, which directly resulted from years of the Greenspan Fed's policy will be seriously impaired, then let's hear it for impairment...

... you have the pulpit known as Bloomberg and other major media outlets with which to influence a few Munchkins. Keep 'em off the yellow brick road at all costs because you know what is good for them. But it seems more and more each day are realizing that 'hey, maybe I'd better take matters into my own hands... this Fed policy (with my Government's money) is crazy!'...

The full article Mishkin Slams Paul Bill and We Are in Wonderland by Gary Tanashian is at http://www.safehaven.com/article-15175.htm