Fed Has Field of Economics in Its Pocket

Too much power/money in too few hands... Reply

The banksters would hate for people to find out just how badly we're being ripped off by the Fed and our entire banking system. They don't want any independent-minded economists around who might actually blow the whistle on this den of thieves. Reply

I like how ideological biases leave people blind to contrary explanations. It seems even more common in relation to economics, probably because the falsehoods have mass appeal and the truths are usually less fun and more technical. Ever consider the possibility that most economists support the Fed because they believe an independant (read: NOT controlled by congress, which is the only solution anti-fed types generally approve of) monetary authority is necessary to maintain a stable economy and prevent a politicized business cycle? I'm not saying there's nothing shady going on at the Fed, or even that the expansion of its powers during the current crisis was the right choice. But to say that economics has been "captured" by the Fed, and that all dissenting voices are marginalized or exiled, is just nonsense. Even apart from the above explanation, there are economists who disapprove of the Fed at many levels and for many reasons, who are still considered "mainstream", get their writing published, and get employed by universities. I challenge anyone who replies to this angrily to propose a better system of managing monetary policy. Reply