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News Link • Federal Reserve

The Fed’s The Big Story, Not The Budget Deal

The real action is coming soon in the Senate when it votes to confirm the new Fed chairman. The Budget deal is disappointing, but small beer. It’s just the same, oft-told tale: we’ll cut spending in the future if you’ll let us spend more now, along with some sneak provisions making it even harder to control spending in the future. At least legislators have to vote on it. This has helped reveal which Congressional representatives and senators are part of today’s political corruption and which are trying to reform the system. This is useful information to have. Nevertheless, the real vote to watch is the one coming as early as this week in the Senate: the likely confirmation of Janet Yellen as chairman of the Federal Reserve. Senators voting for her, especially Republicans, are telling us that they are part of the problem, not the solution. The Fed is the real enabler of all the government’s deficit spending. It could not happen if the Fed refused to underwrite it. And J

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