Some members of the Federal Reserve are encouraging the Fed to make policy changes to pre-empt problems that may arise as a result of a global financial crisis provoked by a European downturn. However, the Fed is also hesitant to make a decision in fear of possible political ramifications as the presidential election nears and Republicans and Democrats remain on opposing sides on the issue of Fed monetary policies.
The class warfare rhetoric that accompanies the tax debate is reigniting as congressional lawmakers battle over how to address a pending increase of the estate tax, also known as “the death tax.” The current rate of the tax, which is imposed on the transfer of the estate upon an individual’s death, is a component of President George W. Bush’s tax cuts that are slated to expire at the end of the year.
After conferring with the city’s business administrator, Scranton, Pennsylvania, Mayor Chris Doherty announced on Wednesday, June 27, that all 398 city employees would be getting minimum wage, starting with their next paycheck. Doherty said the city doesn’t have the money to pay everyone their full salary: "I’m trying to do the best I can with the limited amount of funds that I have. I want the employees to get paid. Our people work hard…I just don’t have enough money, and I can’t print it in the basement."
Best known as the co-author, along with Nobel Prize winning economist Milton Freidman, of A Monetary History of the United States, 1867-1960, Anna Jacobson Schwartz died on Thursday, June 21, in New York City at age 96.
A brilliant economist in her own right, she provided the background, the research and so much of the thinking behind the 859-page A Monetary History that Friedman claimed that “Anna did all the work, and I got most of the recognition.”
In a rare moment of bipartisan unity, lawmakers and economists on both sides of the aisle largely agreed on two points: The Federal Reserve System as it stands is hurting America and something must be done to stop it. Just what exactly needs to happen, however, was the subject of considerable debate during a Subcommittee on Domestic Monetary Policy hearing Tuesday chaired by sound-money advocate and GOP presidential contender Rep. Ron Paul (R-Texas).
Dr. Paul, of course, has become famous around the world for his tireless efforts to audit, expose, and abolish the central bank. He even published a best-selling book in 2009 entitled End the Fed, a title that has become a rallying cry for millions of Americans angry about the institution’s multi-trillion-dollar bailouts, market manipulations, and debasement of the currency.