In October of last year, while speaking at the Boston Fed, Janet Yellen announced her concern over growing inequality in the United States, revealing that she thought it was “appropriate to ask whether this trend is compatible with values rooted in our nation’s history.”
This concern was turned into action on November 14 when she met with a coalition of left wing groups that share Yellen’s commitment to “helping” low-income Americans by keeping “interest rates low until good jobs are plentiful for all workers.”
But the Sound Money community refused to allow its voice to go unheard and two months ago, a group of 20 free-market advocates, including Sound Money Project Co-Director Judy Shelton, delivered a letter to Janet Yellen calling on her to meet with free-market economists and conservative activists.
Right around that time, Ralph Benko of American Principles in Action published a piece in Forbes that outlined what I would consider two fundamental problems with Janet Yellen’s Federal Reserve: its willingness to experiment and its growing politicization.
As Benko stated in the opening of his piece, economic mobility depends on when and how quickly the Fed decides to tighten or raise interest rates. Although the left has called for continued easing, keeping interest rates low or at zero in order to promote job growth, they are unfortunately misguided.
Perhaps the best kept secret in Washington is that free-markets are worker friendly.
To get to the point, one week ago today, Janet Yellen received a group of 21 sound money advocates at the Federal Reserve and heard them out.
Among those in attendance were:
Judy Shelton, Sound Money Project
John Allison, Cato Institute
Norbert Michel, Heritage Foundation
Steve Lonegan, American Principles Project
To read about further coverage, please see the following news stories: