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Want to Fix the Fed? Get Rid of It

Posted on May 15, 2008

Inquiring minds have been pondering Volcker's latest statementsregarding stagflation, the CPI, regulation of banks, and even the needfor an administrator to watch over the Fed.Let's see where Volcker is right and wrong with his analysis of the current economic situation and what to do about it.TheUS economy is not now in the kind of stagflation crisis it had been in,in the late 1970s, former Federal Reserve Board Chairman Paul Volckertold Congress today, but it's not impossible.'I think there issome resemblance now to inflation in the early 1970s,' he warned theJoint Economic Committee. The ec...

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