Publishing executive and two-time presidential candidate Steve Forbes has built a distinguished career from his financial expertise. As he dissects the current administration’s economic policy in his latest book, he reveals several troubling signs that we might be in more trouble as a nation than even many of Obama’s fiercest critics realize.
He blames the Federal Reserve’s policy of printing fiat currency for a situation he said cannot be reversed without returning to a gold standard.
The entity, he explained, is engaged in “vastly misguided monetary policies” that “are now setting the stage for a new economic and social catastrophe – one that could rival the financial crisis and horrors of the 1930s.”
The book, “Money: How the Destruction of the Dollar Threatens the Global Economy – and What We Can Do About It,” was released this week and includes a number of serious allegations about the Fed and the Obama administration’s policies that enable it to continue operating against the best interest of America’s future.
“The Fed should have only two tasks: keeping the dollar fixed to gold and dealing quickly and decisively with panics,” he wrote.
As the Washington Examiner reported in its sneak peek of the new book, Forbes and co-author Elizabeth Ames disapprove of current Fed Chair Janet Yellen and her predecessor, Ben Bernanke. Instead of wielding such widespread power over America’s financial future, Forbes writes that, in an “ideal world the head of the Federal Reserve would be no more important than the director of the Office of Weights and Measures inside the Department of Commerce.”
The argument of gold-backed currency is a common theme.
“The refusal of many in the policy establishment to entertain the idea of a return to a gold standard is based on astounding ignorance about just what a gold standard would mean and how it would work,” he wrote.
The Federal Reserve is responsible for a number of peripheral economic ills, the book explains, including inflation, high unemployment, a weak economic recovery, and skyrocketing national debt.
Photo Credit: Gage Skidmore (Creative Commons)
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