Americans losing confidence in the Federal Reserve according to survey

November 7, 2008 by · Leave a Comment
Filed under: Opinion 

I count myself in this camp as well.  I don’t think using interest rates and open-market operations is the proper way to expand and contract our monetary base.  Personally I would like to see us nationalize the Fed and give back those monetary controls back to our U.S. treasury and also have us examine how we issue our currency.  

I am in serious doubt that a debt-based currency can be sustainable over the long-term.  Through financial history, every fiat currency has eventually defaulted and the currencies that were in private hands create the worst economics crisis.

News:

Most Americans say the country’s financial crisis has hurt their confidence in the Federal Reserve, according to a Reuters/University of Michigan survey released on Friday.

The poll found sentiment toward banks and other financial institutions, like insurance firms and mutual funds, has also deteriorated.

At the same time, the economic downturn has dented trust in the nation’s financial authorities.

Twenty-six percent of Americans said they were “a lot less” confident in the Fed, which is the U.S. central bank, now than five years ago. That was up from 7 percent back in 1987, before Greenspan began his 18-1/2-year term at the helm of the Fed.

An additional 29 percent said they were “a little less” confident in monetary policy-makers.

Source: Reuters

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