My letter today in The Record

No reason to cut rates just now

Regarding “Powell signals rate cut could be coming soon” (Page 16A, July 11): This article reveals that the Fed chairman, Jay Powell, may be caving in to President Trump’s call for “easy money” as he heads into the 2020 presidential campaign. Thus, the Fed’s much touted “independence” is in question.

Every president running for reelection wants a robust economy, so the voters can go into the voting booth and pull a lever for the incumbent. However, easy money gives a short-term boost to the economy that always ends in tears — higher inflation, recession, bankruptcies, and increasing unemployment.

The most egregious example

of a president coaxing a Fed chairman to open the monetary spigot occurred nearly a half century ago, when President Nixon wanted a strong economy, in 1972, to ensure his reelection. The Fed induced boom ended in the bust of 1973-75.

There is no justification for lower interest rates at this stage of the business cycle, which is caused by the Federal Reserve’s manipulation of money and credit. Instead, the Fed should leave interest rates to the financial markets, allowing supply and demand to set interest rates.

In addition, Chairman Powell asserted in his congressional testimony that a return to the gold standard would be harmful to the economy. On the contrary, a return to the gold standard would end the decline of the dollar’s purchasing power; eliminate the manipulation of interest rates and the redistribution of income from low and middle-income families to the 1%.

Murray Sabrin, Ph.D.

Fort Lee The writer is a professor of finance at Ramapo College and founder of the Sabrin Center for Free Enterprise.

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Front and back covers

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My book about the Federal Reserve will be published very soon. In the meantime, enjoy the recent interview.

Below is a recent interview.

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NY Fed’s “Recession Probability Index” Is Now At “Alarming Levels”!

In addition to being the longest economic expansion in United States history, a number of reliable recession warning indicators have been flashing red in 2019. The latest of these is the New York F…

Source: NY Fed’s “Recession Probability Index” Is Now At “Alarming Levels”!

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US Naval Coalition In Gulf – A Provocation Too Far

Source: US Naval Coalition In Gulf – A Provocation Too Far

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“Abandon The PhD Standard” – Jim Grant Urges The Fed To “Use A Golden Rule”

Source: “Abandon The PhD Standard” – Jim Grant Urges The Fed To “Use A Golden Rule”

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EconomicPolicyJournal.com: AOC’s Chief-of-Staff Admits That the Green New Deal is Really a Plan to Turn the US Economy Socialist

Source: EconomicPolicyJournal.com: AOC’s Chief-of-Staff Admits That the Green New Deal is Really a Plan to Turn the US Economy Socialist

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Target Liberty: How To Smash Alexandria Ocasio-Cortez’s Climate Scare Lunacy (Using Her Own Method)

Source: Target Liberty: How To Smash Alexandria Ocasio-Cortez’s Climate Scare Lunacy (Using Her Own Method)

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The Days Of Central Bank Independence Are Over

Source: The Days Of Central Bank Independence Are Over

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A “Global Asset Registry” Would End Financial Privacy

A GAR would thus prevent wealthy individuals in such paragons of freedom as Greece, Argentina, Russia, and Saudi Arabia from squirreling away their a

Source: A “Global Asset Registry” Would End Financial Privacy

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Frog-Marching Trump Toward War on Iran

Source: Frog-Marching Trump Toward War on Iran

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Of Two Minds – When Everything from Bat Guano to Quatloos Is Soaring, Speculative Euphoria Has Reached an Extreme

Source: Of Two Minds – When Everything from Bat Guano to Quatloos Is Soaring, Speculative Euphoria Has Reached an Extreme

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Shelton, The Fed, & The Realization Of A Liquidity Trap

“we call bullshit” that $33 Trillion in bailouts and liquidity, zero interest rates, and surging stock markets, are conducive to stronger economic growth… what the data does confirm is the Fed is caught in a “liquidity trap.”

Source: Shelton, The Fed, & The Realization Of A Liquidity Trap

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State Of Indiana Argues In Supreme Court For Right To Seize Any Car For Speeding

The state of Indiana is still arguing that there are virtually no eighth amendment limits on what it can seize using civil asset forfeiture…

Source: State Of Indiana Argues In Supreme Court For Right To Seize Any Car For Speeding

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Trump Reminds Us that America Is a Military Nation – The Future of Freedom Foundation

President Trump is being criticized for surrounding himself with tanks, armored vehicles, flyovers, and generals and admirals during his Fourth of July celebration at the Lincoln Memorial. Critics say that it was unseemly for the president to be showing off the federal government’s military process on Independence Day. Some said it conjured up images of the Soviet Union, when that communist regime would showcase its tanks and military hardware in parades in Moscow’s Red Square. But the fact Continue Reading

Source: Trump Reminds Us that America Is a Military Nation – The Future of Freedom Foundation

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The U.S. Killed 300 Iranian Citizens. Americans Don’t Remember This—But Iranians Do

Source: The U.S. Killed 300 Iranian Citizens. Americans Don’t Remember This—But Iranians Do

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Fourth of July should celebrate liberty, not politicians like Trump: Today’s talker

The controversy around this Fourth of July should remind Americans that it matters less what politicians say than the principles by which we live.

Source: Fourth of July should celebrate liberty, not politicians like Trump: Today’s talker

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