Monday, December 28, 2009

Central Problem, Native Justice

This weekend, Barron's ran the articles Central Problem: the Central Bank and Native Americans Win Justice, at Last.

The central bank article (by guest authors) advocated the view of ending the Fed. Some quotes from the article:
How many more crises must we endure until we realize the common denominator is the creation of money and credit by the Fed?

The Federal Reserve must stop juicing the economy with massive amounts of newly created money and move to a monetary system free of government-caused booms and busts. The only effective way to do this would be to remove control of our money supply from politicians and their appointees. We need to move to a money that is 100% backed by a commodity, such as gold. Only then can we rid the economy of the devastating effects of the creation of money and credit out of thin air.

The Native American justice article described the decades-long effort of Native Americans to receive some of the mismanaged trust fund money from the federal government. Based on the article, the federal government acted despicably and with little accountability.