[Toddsterpatriot]

I recently had the opportunity to read "The Creature from Jekyll Island" by G. Edward Griffin, a prodigious tome dealing with the circumstances surrounding the creation of the U.S. Federal Reserve System. I was taken aback by some of its provocative assertions.

And some of the stupid errors.

The Federal Reserve, as Griffin explains, is neither "federal" nor a "reserve." It is not owned by the federal government, and it does not hold real assets in reserve.

For instance.

Workers lost because their spending power diluted drastically over the past 10 years.

Inflation was lower in the last 10 years than in the 10 years prior to that. Which was lower than in the 10 year period before that.

Home prices are so out of line with average salaries that cities like San Francisco and Los Angeles

Would rather blame the Fed than their own moronic, restrictive housing policies.

[wiggen]

low rates encourage speculation in housing so yes the fed is very much part of the problem. Somewhat higher rates, nothing to discourage a true buyer but enough to make a speculator think twice would slow down price growth.