Federal Reserve Salon | Tom Hoenig

The Lords of Easy Money: www.amazon.com/Lords-Easy-Mon...
Tom Hoenig is the great dissenter of the Federal Reserve. As President of the Kansas City Federal Reserve Bank and member of the Federal Open Market Committee during the reigns of Greenspan and Bernanke, he consistently opposed quantitative easing. Tom had the confidence of his central banking experience and the courage to be the sole "No" vote against his chairman and colleagues. Therefore, Tom is uniquely qualified to address the crippling inflation and destabilizing asset inflation caused by the Fed’s unrestrained printing of money without legal guardrails. If the Fed had followed Tom's advise, there would be no Silicon Valley bank failure and central banking crisis today.
Like the American military, the Fed gains more power and resources the more it fails. Former Secretary of Treasury Henry Paulson crowed during the 2008 financial crisis that gave birth to the questionable use of TARP funds to bailout certain privileged banks: “Even if you don’t have the authorities-frankly I didn’t have authority for anything-if you take charge people will follow.” Mr. Paulson’s alarming boast evoked little reaction and led to massive spending and money creation.
The Federal Reserve sits at the apex of centralized power over the financial industry and the nation’s economy. It prescribes monetary policy from day-to-day like Platonic guardians with no accountability for stupendous blunders or miscalculations. No standards govern its discretion over quantitative easing or interest rates. Tom.will explain how inflation is uncontrollable when the Fed prints money to support the fiscal irresponsibility of Congress -- deficits projected at $2 trillion a year as far as the eye can see.
Tom will recount that with the end the gold standard any remaining discipline over monetary policy was extinguished and what remained was a central planning body to set policy without limits. His lonely dissents were prescient and a badge of courage. He participated in a government of men and women -- not of law. Along with former salon speaker Richard Fisher (Dallas Federal Reserve Bank President), Tom has publicly called for an end to too-big-to-fail banks.

[@thelonghillreport8398]

An excellent talk, but the logic leads to the necessity of the gold standard in the long run.

[@johnbabu3640]

or constitutional amendment to limit the debt and inflation.

[@thelonghillreport8398]

@@johnbabu3640 How would that work? How would the amendment be phrased?

[@Stephen..]

Unconditional

[@marzuraanmarzuraan1226]

Great discussion but why is the video quality so poor? Any modern smart phone can capture better quality videos than this

[@johnsmith1474]

This guy is talking to an audience of the wealthy who have unethically taken too large a portion of the national wealth for 50 years, worrying them that payback is coming, so they better hide their assets. To him ordinary working people are just along for the ride on the roof of the bus driven by the wealthy. What the nation needs is to turn these people upside down and shake out their wealth and take it all from them, cut the Offense budget by 85%, and triple taxes on large incomes and institute a wealth tax and a 90% inheritance tax. These people are in the position that they have forgotten about what it means to be poor and are completely locked into protecting their own wealth. Everybody in this room needs to be forced to go live on $500 a week for two years to wake themselves up better yet just take them all out back and cap them.

[@johnbabu3640]

I read your comment. You are suggesting that the government should steal from your neighbor to pay a part for you while he is suggesting that all of us should stop the government from stealing from all of us (by creating inflation) so that people can live happily with $500 / week. Which one would you prefer? What would happen after we finished stealing from the wealthy? From whom shall we steal again?

[@liberty1981]

Bro who are you😂

[@carolynklestinec8589]

America does not have the same will as other countries ( germany for instance ) to tighten their belts . If any monies are to be continued to be borrowed i would prefer it be done for the support and betterment of the united states citizenry . Not the military, not foreign affairs, not immigrants. For the american public , past veterans, and poverty stricken homeless persons . We really need to fix our people , then our country , then our debt . And sorry not like the dems want with their backdoor deals and money laundering to the dnc all under the guise of " for the people " and " for the children " . Lies that fall freely out of their mouths .

[@johnsmith1474]

Huh? America cannot tighten it's belt?? What the hell are you watching? Ordinary Americans have taken it on the chin for 50 years, getting NOTHING out of the tremendous growth and wealth creation going on here. A single mother with a kid still puts off having a tooth filled to pay the electric bill today like she would have in 1973. People like YOU do nothing about US wars of choice, instead you "support the troops." People like YOU think teachers make too money and your doctor is a priest. It's complacent people like YOU, the obedient lackies of bourgoise consumerism that have handed all the power to the top .1% and elected worthless millionaires to Congress. Go look in the mirror.

[@liberty1981]

Do you know what "Follow the yellow brick road" means?

[@carolynklestinec8589]

@@liberty1981 no what ?? Dreaming ??