Posted on 08/19/2012 11:05:21 AM PDT by mdittmar
WASHINGTON (Reuters) - Paul Ryan doesn't quite want to end the Fed. But if Mitt Romney's pick for vice president had his way, he might curb the central bank's powers enough to make it harder for policymakers to respond aggressively to economic downturns.
The Wisconsin Republican has supported controversial legislation that would strip the U.S. Federal Reserve of its mission to seek maximum employment, and has been a harsh critic of the central bank's continued loose monetary policy.
Further, he has hinted at sympathy for the days when the U.S. dollar was tied to gold, a regime that constrained the Fed from printing dollars to help the economy.
Romney's choice of Ryan suggests the campaign could step up attacks on the Fed if the central bank moves to ease monetary policy further as many economists expect, and that a Romney White House might want to restrict the institution's powers.
In a detailed speech on monetary policy in December 2010, Ryan hardly minced words in his criticism of the Fed.
"There is nothing more insidious that a government can do to its countrymen than to debase its currency - yet this is in fact what is occurring," Ryan said at an event sponsored by FreedomWorks, a right-wing think tank originally called Empower America, where Ryan worked as a speech writer in the 1990s.
Such strongly worded criticism is viewed by some analysts as a challenge to the Fed's independence, an effort to dissuade the central bank from taking the type of unconventional and aggressive actions it has pursued under Chairman Ben Bernanke.
Ryan's perspective on the Fed is in keeping with the free-market,limited-government stance
(Excerpt) Read more at news.yahoo.com ...
Yeah? Good!
Sounds good to me, and should draw in all those wily Ron Paul supporters, if they were able to think through this election rationally.
That fact that Ryan makes all the right Fascist wanna be’s hysteric is a selling point in his favor.
I ran that phrase through the Universal Translator. It properly linked Liberal Code and translated accordingly: "payola for my liberal buddies."
Yeah, this just makes me like him more.
Rooters and Yahoo. Now there’s a hard left combo for ya.
I hoping that Romney will name Richard fisher Fed chairman
Yahoo! Nuz citing Reuters. RMFE.
Perhaps it is changing its course and one day its waters will again become palatable. There seem to be at least a few signs of that.
Let me help Rooters and Yahoo out,since I'm not a policy wonk.
STOP SPENDING,STOP SPENDING,STOP SPENDING!!!
Right on dual mandate. Outdated. Wrong on monetary policy. We are in the middle of massive asset deflation and liquidity needs to be provided. Look what happened in the Great Depression when we tightened.
Wow! Now it’s politically incorrect, according to Yahoo-Reuters, to be opposed to Keynesian economics!
I hoping that Romney will name Richard fisher Fed chairman
Either that, or Peter Schiff! LOL
Oh please. Who in the mainstream understands anything about our cartel deceptively referred to as the fed?
Sure...like they have been doing for the last three years? BULLSHIT!!
Oh, well, at least our balance of trade has been improving.
Well outside “mainstream” what?
I know the author of this article intended it to be a “hit piece” on Ryan, but it only makes me like him more. If wanting to control spending and eliminate/reign in the Federal Reserve is wrong, I don’t wanna be right.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.