The Great Depression Online

Great Depression Online Archive Issue:

Who Is This Clown?

Inside This Issue You Will Discover…

*** Who Is This Clown?
*** An Impressive Resume
*** Southern California Wildfires
*** And More

Who Is This Clown?

“’The Federal Reserve will continue to monitor developments in financial markets and act as needed to support the effective functioning of these markets and to foster sustainable economic growth and price stability,’ Kroszner said in a speech to the Institute of International Bankers.”

We found this gem on CNN Money in an October 22, 2007 article.

It brought a smirk to our face…  But we felt slighted.  For the article failed to mention the most fundamental of facts.  That Fed Governor Randall Kroszner is a quack.


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Thus we couldn’t resist.  We had to find out more about this clown.

So we looked to the Federal Reserve Board website.  And under the bios section, we found this…

“Before becoming a member of the Board, Dr. Kroszner was Professor of Economics at the Graduate School of Business of the University of Chicago from 1999 to 2006.  He was also Assistant Professor (1990-1994) and Associate Professor (1994-1999) at the University.  Dr. Kroszner was Director of the George J. Stigler Center for the Study of the Economy and the State and editor of the Journal of Law & Economics.  He was a visiting scholar at the American Enterprise Institute, a research associate at the National Bureau of Economic Research, and a director at the National Association for Business Economics.  Dr. Kroszner also was a member of the Federal Economic Statistics Advisory Committee at the Bureau of Labor Statistics in the Department of Labor.”

An Impressive Resume

We find it comical that such an impressive education makes for such an impressive stooge.

It seems that in all his studies, Dr. Kroszner never learned that there are some things in this world that are beyond human control.

And the economy is one of them.

What Dr. Kroszner and his cronies at the Fed can control is the cost of borrowing money; and they can “inject” massive amounts of “liquidity” into the system.

This, we’ll give, allows them to meddle with the affairs of man on a grand scale.  But what happens as a result of Fed “policy” adjustments doesn’t fix the economy as they suggest; rather they often make things worse.

Southern California Wildfires

Like a Santa Ana wind fueled Southern California wildfire…  The economy’s going to do what it’s going to do.  And to think the Fed can micro-manage it – as Dr. Kroszner implies – is pretentious and deceptive, if not asinine.


M.N. Gordon
Great Depression Online

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