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IS THE FED PLAYING POLITICS WITH OUR MONEY? Experts say New Law could Stop This
APRIL 24, 2012-- This week investors, big and small are anxiously awaiting the Federal Reserve Board's policy statement to see how it impacts the U.S. Dollar's value.
The Federal Reserve, America's central bank, was supposed to be politically neutral and to keep the U.S. Dollar sound as a dollar.
“But the Fed can tilt an election by producing lots of money from thin air to create the illusion of prosperity,” says Lowell Ponte, co-author with Craig R. Smith of the widely-praised recent books THE INFLATION DECEPTION and CRASHING THE DOLLAR.
“Although the Federal Reserve is no more a part of government than the shipping company Federal Express, the President appoints the Fed's chairman and vice chairman,” says Ponte.
“Under President Jimmy Carter the Fed was given a second 'Mandate,' to artificially manipulate the money supply to keep unemployment low,” says Ponte. “But conjuring money from thin air to create jobs weakens the value of the Dollar.”
“Since then the Fed's been under political pressure to make the economy better, to 'levitate' the stock market, and thereby in effect to win re-election for whomever is President of the United States,” says Ponte, a former think tank futurist.
“Now Congressman Kevin Brady (R.-Texas), vice chairman of the powerful Joint Economic Committee, is proposing the Sound Money Act to reduce the Fed's mandate to only one thing – keeping prices stable,” says Craig R. Smith, a monetary expert.
“Rep. Barney Frank (D.-Mass.) and other liberals are fighting the Sound Money Act tooth and nail,” says Ponte, “because it could stop the Fed from pumping up the welfare state, stock market and political spending with magic money from nowhere during an election year.”
The Fed met Monday, April 23, behind closed doors under “expedited procedures” to decide what how next it will affect the value of our money.
John B. Taylor, “The Dangers of an Interventionist Fed,” Wall Street Journal, March 29, 2012. URL:
Michael Warren, “Sound Dollar Act Seeks Single Mandate for Federal Reserve,” Weekly Standard, March 5, 2012. URL:
Ralph Benko, “Good Money: Why Rep. Kevin Brady's Sound Dollar Act Worries Barney Frank,” Forbes Magazine, April 9, 2012. URL:
Board of Governors of the Federal Reserve System, “Advanced Notice of a Meeting under Expedited Procedures,” April 19, 2012.
Suggested Interview Questions:
What exactly is the Federal Reserve, and why do we have it? [Background of the Fed's creation behind closed doors in 1913 and what it's done since then.]
How can the Federal Reserve play politics with our money? [It can generate easy money...or make money scarce....we explain how it does this.]
Could a biased Fed elect a President of one party or defeat the candidate of another? [“It's the economy, stupid!”]
The Federal Reserve Chairman talks about deliberately creating “positive inflation,” but you say that “inflation is theft.” Why? [Every magic dollar the Fed conjures out of thin air steals a bit of value from each dollar you have earned and saved. Does this sound “positive” to you?]
Which is more dangerous, inflation or deflation, and why? [The Fed fears deflation, because this would interfer with the politicians' game of printing magic money for ever-larger government spending.]
How can people prevent their savings from being robbed of value by the Fed politicizing our money? [We explain how to outsmart them.] # # # #
ABOUT LOWELL PONTE…
Lowell Ponte (PON-tee) is a former think tank futurist and was an editor Reader's Digest Magazine for many years during its heyday when it was one of the most widely read publications in the world. Lowell is co-author with of The Inflation Deception: 6 Ways Government Tricks Us… and 7 Ways to Stop It! (2011), and Crashing The Dollar: How to Survive a Global Currency Collapse (2010). Ponte’s articles have appeared in The Wall Street Journal, The New York Times, and many other publications. He is currently a columnist at Newsmax.com. Lowell has been a guest on "The Today Show," "Good Morning America," "David Letterman" and other programs. Lowell has also been an aide in the California legislature, a reporter in Washington, D.C., a foreign correspondent reporting from 33 countries, co-partner in a successful Hollywood public relations firm, and a radio talk show host.
ABOUT CRAIG SMITH…
“The Face of American Small Business”
Craig R. Smith is an author, commentator and popular media guest because he instantly engages audiences with his common-sense analyses of local, national and global trends.
The Founder and Chairman of Swiss America Trading Corporation, Craig for 30 years has helped many thousands of people hedge against the problems of a weakening U.S. Dollar.
A monetary expert, Craig is the author of numerous books and articles including The Inflation Deception: Six Ways Government Tricks Us...and Seven Ways to Stop It! (June 2011), and Crashing The Dollar: How to Survive a Global Currency Collapse (2010).
Craig is also author of The Uses of Inflation: Monetary Policy and Governance in the 21st Century, a major White Paper published in February 2011. Recent media clips: www.craigsmith.com
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