Ron Paul, the Fed and the Need for a Stable Dollar

David Malpass at WSJ (full access via Google): The central bank should take note when a popular presidential contender calls for limits on its power . . . The Fed’s responsibility is to create confidence in price stability and the dollar, thus providing the best monetary policy environment for full employment. Most central banks operate on this principle. Instead, the Fed has systematically undermined economic confidence by promising to maintain zero interest rates for privileged borrowers. That policy will have to stop if the U.S. is to again achieve impressive growth.