The Federal Reserve and Money Supply
If "taxation without representation" could rally the colonists against the British Crown in 1776, tight money and ruinous interest rates might be cause for populist revolt in our own day. Federal Reserve monetary policy also has onerous social burdens, measured by huge changes in aggregate output, income, and employment. The imperious Fed, much like the English Crown two centuries ago, formulates and carries out its policy directives without democratic input, accountability, or redress. Not only has the Fed's monetary restraint at times deliberately pushed the economy into deep recession, with the attendant loss of millions of jobs, but also its impact on the structure of interest rates and dollar exchange rates powerfully alters the U.S. distribution of national income and wealth. Federal Reserve shifts in policy have generated economic consequences that at least equal in size and scope the impact of major tax legislation that Congress and the White House must belabor in public debate for months. Popularized studies of Federal Reserve performance in recent decades convey the image of the Fed seated in its Greek temple on Constitution Avenue, with Chairmen Volcker and Greenspan elevated to the realm of the gods. From centers o
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Some common words found in the essay are:
Federal Reserve, Reserve Fed, Board Governors, Chairman Volcker, CEA Chairman, According Bums, Alan Greenspan, Federal Reserve's, Milton Friedman, Germany Italy, federal reserve, monetary policy, central bank, money credit, oil price, financial institutions, economic policy, economic report president, economic report, fiscal policy, report president, central bank independence, american enterprise institute, washington dc american, dc american enterprise,
Approximate Word count = 7246
Approximate Pages = 29 (250 words per page double spaced)
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