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Forbes: Powell’s Fed Still Believes in Funny Money

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In an editorial appearing in his eponymous magazine, Steve Forbes writes that the Federal Reserve’s new chairman, Jerome Powell will continue the same bad policies that have done so much harm to the American economy. Forbes lists a number of these misguided approaches, but the first is the belief in what he calls “funny money.” He writes:

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THE FEDERAL RESERVE’S new chairman, Jerome Powell, recently presided over his first meeting of the Federal Open Market Committee, which sets central bank policy, most particularly the level of interest rates. Powell looks to continue the same destructive policy that has done so much harm to the economy.

The episode underscores that our central bank won’t rid itself anytime soon of its three fatal flaws:

–The belief in funny money, that is, an unstable dollar. The Fed never resists when the Treasury Department wants a weaker greenback, as happened in the early 2000s under President George W. Bush. No country does well with wobbly money. Our feeble dollar was the foundation of the disasters of 2008–2009. A floating currency is as helpful as a watch or clock that can’t keep proper time. It harms long-term investing, the crucial key to a higher standard of living.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.

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