Beside all else that can be said about the Federal Reserve Board, one other thing should be clearly stated: They know nothing special about money, banking, finance, or the economy. There is no special or higher level of expertise, no great wisdom and experience, that is lodged in the brains of these men and women. I have known two of them personally who were average academics and had no preparation, if there were such a thing, for manipulating the money supply, much less what the Fed is doing now. Likewise for Bernanke, Greenspan, Volcker, and William McChesney Martin, Jr. with … Continue reading Federal Reserve Board members know nothing special