BC gem

here is a link to a post called Central-Blanking that explains some of what is going on with the Fed. The comments are good all the way down.

The trouble with Fed hating (you Fed haters know who you are) is that you cant get rid of the Fed with out replacing it with something... and coming up with a good idea for a replacement is hard... and it leads to the possibility of reforming the Fed instead of abolishing it, which is distasteful to hardcore Fed haters... they want it gone not reformed.

Full disclosure: I used to be a Fed hater... now im more of a fed disliker. I still see things in what is probably an overly simplistic way, but I'm in favor of a public debate on forging new structures to handle the US monetary system.