The Fed's Destruction of Wealth
Cato Podcast
Cato Institute
4.5 • 979 Ratings
🗓️ 28 December 2011
⏱️ 7 minutes
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| 0:00.0 | This is the Cato Daily Podcast for Wednesday, December 28, 2011. |
| 0:09.2 | I'm Caleb Brown. |
| 0:10.3 | Now more than ever, it's time to grapple with the Federal Reserve. |
| 0:14.0 | So says former BB and T Chairman John Allison, |
| 0:17.0 | we spoke at the Cato Institute's 29th annual monetary conference |
| 0:25.0 | today, there's a lot more talk about gold, |
| 0:30.0 | about free banking. |
| 0:35.0 | More now than there has been in a while, at least according to Jerry Odriskill and Jim Dorn who's running this conference. |
| 0:42.0 | How do you react to that? I think it's good news. and Jim Dorne who's running this conference. |
| 0:42.6 | How do you react to that? |
| 0:44.2 | I think it's good news. |
| 0:45.8 | I think the Federal Reserve is second only to Congress in destroying wealth and well |
| 0:49.6 | bank. |
| 0:50.4 | I'm a strong advocate of a private banking system based on a market-based monetary |
| 0:55.0 | standard which would probably be gold. |
| 0:58.6 | The Federal Reserve in theory was created to reduce volatility in the economy. |
| 1:03.1 | In practice, they reduce volatility in the short term |
| 1:05.5 | and create more problems in the long term |
| 1:07.1 | because they don't let markets correct. |
| 1:08.8 | And the correction process is necessary |
| 1:11.7 | in free markets for long-term economic will be. |
| 1:14.0 | So for example, letting housing prices do what they're going to do? |
... |
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