PhD Economist: Fed has Caused Soaring Unemployment, Millions of Foreclosures, Millions Losing Life Savings and More than $6 Trillion in Lost Output

 Washington’s Blog
Friday, July 31, 2009

In endorsing the bill to audit the Fed, PhD economist Dean Baker wrote last week:

The country now has almost 25 million people who are unemployed or underemployed as a result of the Fed’s disastrous policies. Millions of people are losing their homes and tens of millions are losing their life savings. The country is likely to lose more than $6 trillion in output ($20,000 per person) due to the Fed’s inept job performance.

He forgot trillions in unnecessary interest payments (and see this).

The 75% of Americans who support auditing the Fed are right. Those calling for the Fed to be broken up or dissolved are even more right.

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