If "taxation without representation" could rally the colonists against the British Crown in 1776, tight money and ruinous interest rates might be cause for populist revolt in our own day. Federal Reserve monetary policy also has onerous social burdens, measured by huge changes in aggregate output, income, and employment. The imperious Fed, much like the English Crown two centuries ago, formulates and carries out its policy directives without democratic input, accountability, or redress. Not only has …
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showed last 75 words of 7035 total
…Walt W. The World Economy: History and Prospect. Austin: University Texas Press, 1978. Schultze, Charles. Economic Report of the President, 1978. Washington, DC: U.S. Government Printing Office, 1978. Steinmo, Sven. "The End of Redistribution? International Pressures and Domestic Policy Choices." Challenge, November-December 1994, 9-17. U.S. House of Representatives. The Federal Reserve's 17-Year Secret. Committee on Banking, Finance and Urban Affairs, 103d Cong., 2d Sess., January 27, 1994. Wolfson, Martin H. Financial Crises, 2d ed. Armonk, NY: M.E. Sharpe, 1994.