Published on Sep 18, 2012 by selfownership1
Judge Andrew Napolitano stopped by Fox & Friends‘ curvy couch on Tuesday, where he shared his criticism for the Federal Reserve.
Arguing that it is neither federal nor a reserve, the Judge noted that the job of the Fed is to make the president — no matter who the president may be — look good.
Federal Reserve chairman Ben Bernanke, he continued, said he would essentially create 40 billion in cash “out of thin air” and put it in the accounts for the federal government. “That is more cash chasing, available for, the same amount of goods and services,” he said. “Answer: inflation.”
Later, the Judge shared a brief history of the government’s relationship to money in the U.S., including a description of the Coinage Act.
What the Fed is now attempting, he concluded, is ultimately a short-term solution designed to “make someone look good” between now and the election — “and you know who that is.”