People often confuse me – Pamela Yellen – with Janet Yellen, the chairman of the Federal Reserve.
I can understand the confusion – we share the same relatively rare last name (“Yellen”), we’re both women in finance (a male-dominated field), and we’re only six years apart in age. But that’s where the similarities end.
Janet Yellen is head of the Fed, while if I were nominated, my first course of action would be to abolish the Fed. I’ll tell you why in a moment…
Alas, I am not hopeful about the progress of the economy with Ms. Yellen at the helm. The Fed is still printing money 24/7, forever blowing asset bubbles (and the inevitable bursts that follow), and throwing seniors and savers under the bus by keeping interest rates artificially – and dangerously – low.
Of course, if this strategy works so well, why are we experiencing the slowest rebound from a recession in memory (if not in history)?
There are a lot of reasons I’d abolish the Federal Reserve…
For starters, it’s not federal, nor are there any reserves. It was conceived in 1910 during a secret meeting on Jekyll Island in Georgia of seven wealthy and well-connected bankers who controlled one-fourth of the total wealth of the entire world. Its purpose was to birth a banking cartel to protect its members from competition. (A fascinating book on this topic is The Creature from Jekyll Island, by G. Edward Griffin, available here on Amazon.com.)