Below is an excellent Bloomberg interview with James Rickards, senior managing director of Tangent Capital Partners and author of “Currency Wars: The Making of the Next Global Crisis.” He talks with James Grant, publisher of Grant’s Interest Rate Observer, on recent Federal Reserve monetary policy, the gold standard and the impact of Fed policy on the U.S. economy. Rickards discusses the idea of going back to a gold standard and both men nail the role the Fed is playing in orchestrating the boom and bust cycle. A must watch video.

For those of you who want more, Jeffrey Hummel has a paper on the rise of the Fed as the U.S. Economy’s central planner. The paper elaborates on the changes in the Fed’s role in light of Bernanke’s policies and Bernanke’s position on the Great Depression. Certainly an important contribution on how Bernanke is doing, in Grant’s words, incalculable harm.

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