Economic illiterates–Tony Fratto and Greg Valliere–defend the Fed and attack Ron Paul

Economic illiterates dominate financial cable news programs. These commentators reveal their ignorance about how the Federal Reserve manipulates interest rates, causes financial bubbles, and debases the currency.   For starters, these lame defenders of the Fed should read Murray Rothbard’s What Has Government Done to Our Money?, The Case for a 100 Percent Gold Dollar and The Case Against the Fed. Instead of being knowledgeable about money and banking so they can inform CNBC’s viewers, they sound like high school dropouts. They spout economic nonsense that has been debunked for the past several centuries.   In time, the coming price inflation will blow up in their face, and they will deserve to be never heard from again.

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