|By Patrice Hill, The Washington Times|
|McClatchy-Tribune Information Services|
"The Fed continues to inflate our currency, wreck our economy and operate in the shadows,"
With Ms. Yellen set to face a
While the move is sure to please many libertarian voters in
"Holding up Yellen will be a problem if it drags on into January," currency strategist
Some also worry that the looming fight over the Yellen confirmation will distract the central bank from its critical mission to support the still-recovering economy and eventually transition away from today's ultra-easy monetary policies.
Threat to recovery?
"It introduces another uncertainty about Fed policy," he said. "It alters the view of a smooth transition in the leadership of the central bank."
Still, the bill has attracted support from a few Democrats in addition to Republicans. Suspicion of the central bank has risen because of the Fed's role in the bailout of insurance giant
Moreover, despite the rhetoric,
Eliminating the Fed?
What concerns Fed-watchers most is the ambitious goals of
"I don't need to tell you about all the damage the out-of-control Fed has done to our country" with easy-money policies that are devaluing the dollar, he said. "This risks our entire economic system."
"For the better part of five years now, we've heard repeated predictions for hyperinflation, U.S. dollar collapse, economic collapse. [They say] the Federal Reserve system is a scam, the U.S. government is 'printing money,' government debt will be the end of the
"It's been devastatingly wrong. There has been nothing close to hyperinflation. There has been nothing close to a bond market collapse. There has been nothing close to a dollar collapse," he said. In fact, inflation has been largely under the Fed's 2 percent target since 2008, and the
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