Thorsten Polleit über US-Zinsen
„Trump is Right – The Fed is a Big Problem“
Thorsten Polleit ist Honorarprofessor für Volkswirtschaftslehre an der Universität Bayreuth und Chefökonom von Degussa Goldhandel Foto: Degussa Goldhandel
Fed chairman Jerome H. Powell is threatening US economic growth by further raising interest rates says US President Donald J. Trump.
Viewed from this perspective, President Trump certainly has a point in criticizing the Fed's latest series of interest rate increases. However, forcing the Fed to keep interest rates at artificially lowered levels for longer does not solve the real problem. It would only lead to more distortions in the financial and economic system, foreseeably increasing the costs of the inevitable crisis even further. In other words: The truth is that Fed policy is not the solution to the problem, it is the most significant part of the problem. If shutting down the Fed right away is not an option, one path that is open to the president is to end the Fed's money monopoly. This could be done by, first and foremost,...
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Viewed from this perspective, President Trump certainly has a point in criticizing the Fed's latest series of interest rate increases. However, forcing the Fed to keep interest rates at artificially lowered levels for longer does not solve the real problem. It would only lead to more distortions in the financial and economic system, foreseeably increasing the costs of the inevitable crisis even further. In other words: The truth is that Fed policy is not the solution to the problem, it is the most significant part of the problem. If shutting down the Fed right away is not an option, one path that is open to the president is to end the Fed's money monopoly. This could be done by, first and foremost, ending all taxes and regulatory requirements standing in the way of using means of exchange such as precious metals, gold and silver in particular, and cyber currencies for monetary purposes. In fact, it would open up a free market in money. People would be getting a greater choice and thus could easily diversify away from the US dollar if they wished without incurring undue costs.
The Fed-banker cartel’s scope of maneuvering would be significantly reduced because they could no longer keep inflating the credit and money supply as before. For if they do, the US dollar will depreciate against alternative monies for all eyes to see, making the Greenback less competitive, potentially driving the US dollar out of the market altogether. In the early stage of a free market in money, people would presumably divert part of their US dollar savings and time deposits into gold and silver as a store of value. Later, businesses that provide not only storage and safekeeping services but also offer payment and settlement services would emerge, finally opening up the possibility to make daily payments with ‘digitised' gold and silver money.
If the US administration truly wishes to "To Make America Great Again", there is no way around addressing the US dollar fiat currency problem at some point. The president's latest criticism of the Fed's interest rate policy no doubt points in the right direction. To underpin his criticism with the unquestionably right reasons, it should be accompanied by manifest efforts to set up a free market in money. Fortunately, a good number of US states has already been moving in this direction. President Trump would arguably have the best reasons to follow up – and push for a free market in money on a federal level.
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