Archive for November 29th, 2016

Quote note (#309)


On Monday, Trump will meet with John Allison, the former CEO of the bank BB&T and of the libertarian think tank the Cato Institute. […] There have been reports that Allison is being considered for Treasury secretary. […] Trump’s has on the campaign trail questioned the future of the Federal Reserve’s political independence, but Allison takes that rhetoric a step further. While running the the Cato Institute, Allison wrote a paper in support of abolishing the Fed. […] “I would get rid of the Federal Reserve because the volatility in the economy is primarily caused by the Fed,” Allison wrote in 2014 for the Cato Journal, a publication of the institute. […] Allison said that simply allowing the market to regulate itself would be preferable to the Fed harming the stability of the financial system. […] “When the Fed is radically changing the money supply, distorting interest rates, and over-regulating the financial sector, it makes rational economic calculation difficult,” Allison wrote. “Markets do form bubbles, but the Fed makes them worse.”

November 29, 2016admin 15 Comments »
FILED UNDER :Political economy