Nothing is planned by the sea and the sand
--The Who
Over the past year or so, KC Fed head Thomas Hoenig has been increasingly vocal that the Fed has morphed into a serial bubble blower. Rather than forcing rates toward zero and pushing people out on the risk curve, Hoenig thinks the Fed should raise rates to encourage saving and capital accumulation.
Hoenig is not an FOMC voting member this year. As an FOMC member in 2010, however, Hoenig voted against stimulus policy decisions on 8 different occasions.
My preference, of course, if for no central bank at all. Until that occurs, Hoenig is pointing the Fed in the right direction.
Hoenig retires in the fall. Can't help but wonder whether his conscience has him wanting to come clean.
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The Federal Reserve System virtually controls the nation's monetary system, yet it is accountable to no one. It has no budget; it is subject to no audit; and no Congressional Committee knows of, or can truly supervise, its operations.
~Murray Rothbard
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