Fortune’s Stephen Gandel notes on Friday:
Ron Paul, the famously libertarian politician and former presidential candidate, has his own choice for the next chair of the Federal Reserve, and it isn’t Summers or Yellen. Paul’s pick for the next Fed head: No one.
When I read things like this it brings back the sweet memory of Paul-in-Congress, Paul-in-a-debate, and Paul-interviewed-on-tv. Of course, now that he is working hard in the world that exists outside Washington, his consistency has not changed in the least. But I miss the awkward coverage (whenever he was, in fact, actually covered) of Paul’s stances on things during last election year. They seemed so wonderfully different than the “same-ole same-ole.”
In the financial news these days, the trending topic is whether the pick for the new Fed Chairman will be rank-in-file Janet Yellen or cronyist Larry Summers. The boxing ring has been set up and the pundits are in full force, offering their reasoning (LOL) on behalf of either Mrs. Yellen or Mr. Summers.
Too many people take the alleged “choice” too seriously. For instance, I saw this piece at Epic Times, titled: “Fed Chair -Unsexy, But Crucial for All of Us. If by crucial, the author meant “of great importance,” I would agree. But unfortunately most pundits still do not understand the precise way in which the Fed Chair is crucial. It is not crucial that we pick the right choice between Yellen and Summers. Why? Because neither are the right choice. The Fed Chair is crucial in the same way that a man who sits on a throne and determines whether individuals will live or die is crucial. Sure, the role is a big deal. But this hardly means the role should exist.
I think that Ron Paul’s pick is far superior.
I was asked by a relative whether I thought Yellen or Summers should be picked. I gave the same answer as Ron Paul. My relative told me that my answer was too simplistic. Why was it too simplistic? Because, he answered, it seemed like I had my opinion before even considering other alternatives, which made me realize: It’s simple to spread the liberty message. The answers are already locked and loaded, ready to be delivered to anyone that asks.
Most questions are easily answered by turning them into this: “Is this person or policy good for individual liberty?”
When Ron Paul was asked who he supported, the answer was simple: Neither Yellen, Summers, or [fill in the blank] playing the role of leader of money and interest manipulation is good for liberty. Therefore, the answer is “no one.”
Liberty isn’t hard, but it does take courage.
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