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Regardless of what you think of Austrian economics (your author is sympathetic, if not a full-fledged convert), you have to give credit for chutzpah to Robert Wenzel, editor and publisher of the site Economic Policy Journal and a sharp critic of the Federal Reserve. Last week, Wenzel, at the bank’s invitation, delivered a speech at the New York Fed … where he savaged the central bank’s policies and called for the institution to be abolished.
That may be wise. It may be foolish. But this is undoubtedly one of the most audacious codas ever delivered in a policy speech:
The noose is tightening on your organization. Vast amounts of money printing are now required to keep your manipulated economy afloat. It will ultimately result in huge price inflation, or, if you stop printing, another massive economic crash will occur. There is no other way out.
Again, thank you for inviting me. You have prepared food, so I will not be rude — I will stay and eat.
Let’s have one good meal here. Let’s make it a feast. Then I ask you, I plead with you, I beg you all, walk out of here with me, never to come back. It’s the moral and ethical thing to do. Nothing good goes on in this place. Let’s lock the doors and leave the building to the spiders, moths, and four-legged rats.