As the Federal Reserve’s 100th anniversary approaches on Dec. 23, Andrew Huszar, who helped manage the Fed’s quantitative easing program, is publicly apologizing for what he has done. He says that quantitative easing has accomplished next to nothing for the average person on the street. Instead, he says that it has been “the greatest backdoor Wall Street bailout of all time.”
Other aspects of the Fed’s dubious record: the economy has experienced just as many recessions in its 100-year history as it did in the 100 years prior to its existence; the U.S. dollar has been destabilized and its value has declined by more than 95 percent; the U.S. national debt has gotten more than 5,000 times larger.
In short, under the Fed, the rich have gotten richer, the poor have gotten poorer, the middle class is getting smaller and the rest of world is beginning to openly wonder why they should continue to use the U.S. dollar as the de facto reserve currency.
No wonder the latest Rasmussen Reports national telephone survey finds that 74 percent of American adults favor auditing the Federal Reserve and making the results available to the public.