The Federal Reserve: How much power do they wield?

[FDRrocks]

Thought crossed my mind this mornin... doesn't the Federal Reserve, especially Alan Greenspan, wield a massive amount of power.

What I mean is Clinton won his first term basically on the economy. I would judge that in any presidential contest the economy is the single most important factor. Can't the Federal Reserve make the economy (appear as) whatever it wants, at any given time? The answer I find is "Yup".

We need to get rid of Greenspan, and his disproven right-wing Objectivist outlook.

[leftyandproud]

1. far too much

yep, he basically controls the US economy...and by devaluing our dollars can create short term economic gains. I've studied economics a bunch in my free time, ready plenty of books from right and left..

The right actually distrusts the greenspan/fed folks more than most lefties...and Ayn Rand was against the whole concept. This is problem the ONE area where I agree with her on...the need for honest money, a gold standard. Despite any drawbacks it may have, it is the only way to give true intrinsic value to our currency, and to prevent morons from running printing presses night and day to devalue it for political reasons.