Should We Abolish the Fed? #657-1

Allan Meltzer, Ph.D., American Economist, Senior Fellow, Hoover Institute, and author of a three-volume history of the Federal Reserve, describes working with U.S. Senators Sherrod Brown (D-OH), and David Vitter (R-LA) to help write a bill that would downsize banks “too big to fail,” to protect the public and smaller community banks by helping to level the playing field. He acknowledges that trying to pass such a bill would be a struggle, but if there were to be another financial crisis, it might be done. G. Edward Griffin, author of “The Creature from Jekyll Island,” charges that Congress gave up the power to print money to banks with the Federal Reserve Act and that banks are profiting by interest on nothing without the requirement of a gold or silver standard.

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