Sep 22, 2011 1:00 AM GMT
http://finance.yahoo.com/news/GOP-leaders-Fed-should-resist-apf-1454616740.html?x=0&sec=topStories&pos=main&asset=&ccode=On the eve of the Fed’s two-day policy meeting, the leaders sent a letter to Fed Chairman Ben Bernanke warning that the Fed’s policies could harm an already-weak U.S. economy.
The letter, sent Monday, was signed by Senate Republican Leader Mitch McConnell of Kentucky, Senate Republican Whip Jon Kyl of Arizona, House Speaker John Boehner of Ohio, and House Majority Leader Eric Cantor of Virginia.
The letter followed criticism from several Republican presidential candidates that the Fed efforts to boost growth are raising the risk of inflation.
http://www.themoneyillusion.com/?p=10915I think Congressmen have the right to speak out on monetary policy. As long as their advice is not politically motivated. Ask yourself the following question: Would these men be pressuring the Fed to adopt a tighter monetary policy if:
1. Unemployment were over 9%.
2. Inflation had averaged 1% over the past three years.
3. George Bush were president.
Were these men criticizing monetary policy under Bush, when inflation was higher than today? I don’t recall that happening.
Unlike Rick Perry, I don’t think it is treasonous to advocate easy money or tight money. Treason is advocating policies that you know will hurt the country, because you hope you can derive political gain from America’s misfortune. I’ll leave it to my readers to decide who should be charged with treason.