Patrick Barron has been a consultant to the banking industry since 1985. He teaches Bank Management Simulation at the Graduate School of Banking, University of Wisconsin, Madison and Austrian Economics at the University of Iowa. He has contributed a weekly essay in the Austrian vein to The Bulletin, Philadelphia since 2006. As president of the Right Approach Group, which offers free market solutions to current economic problem, he has spoken at economic conferences at the EU Parliament offices in Brussels, Belgium and Strasbourg, France.
I am speechless about the inanity of the Fed's policy of actually desiring to destroy the purchasing power of the dollar. This mind boggling view of the world is based on the fallacious Keynesian theory of aggregate demand that emerged during the world wide depression of the 1930's. It is nothing more than claiming that counterfeiting money and showering it on politically connected groups will spur economy prosperity. Has anyone at the Fed looked at Zimbabwe, Venezuela, or (the poster child of all government money printing) Germany's Weimar Republic that so destroyed German civil society that the people turned to Hitler in desperation?