The Federal Reserve Was Designed To Make Money for the Government
Instead, estimates suggest, its gamble on bonds and mortgages has cost the Treasury more than $500 billion
By ALEX J. POLLOCK
||Opinion (Columnists)
ALEX J. POLLOCK
Washington, D.C.
Alex J. Pollock is a Contributor to The New York Sun.
Mr. Pollock is a Senior Fellow at the Mises Institute, the author of ‘Finance and Philosophy–Why We’re Always Surprised’ and co-author of ‘Surprised Again! The Covid Crisis and the New Market Bubble.’
Latest Articles
Federal Reserve’s Independence Emerges as Culprit in the ‘Unaffordability’ of Housing
Home prices are now 77 percent above their peak in the housing bubble of the early 2000s.
By ALEX J. POLLOCK
||Opinion (Columnists)
What Have the Inflation-Mongers Wrought?
Our still-young 21st century has already had two bubbles in United States house prices.
By ALEX J. POLLOCK
||Opinion (Columnists)
Hayek’s Last Hurrah, So To Speak: A Choice in Currency Emerges Among Central Banks
Many are scrambling to purchase the precious metal as the gold value of the greenback plunges to new lows.
By ALEX J. POLLOCK
||Opinion (Columnists)
Do We Really Need a National Price Fixing Committee for Interest Rates?
The Federal Reserve’s own chairman says it’s ‘navigating by the stars under cloudy skies.’
By ALEX J. POLLOCK
||Opinion (Columnists)
How Congress Could Take Back Control of Money From an Inflationary Fed
Step One: Require congressional approval of any long-term target of inflation.
By ALEX J. POLLOCK
||Opinion (Columnists)
No Easy Exit Emerges for the Federal Reserve as It Runs Up Mind-Boggling Losses
There’s no rabbit to pull out of any hat when it comes to cutting the Fed’s interest expense.
By ALEX J. POLLOCK
||Opinion (Columnists)
It’s Time for Shareholders of the New York Federal Reserve Bank To Receive a Call for Capital
The New York member of the Federal Reserve System has racked up by far the biggest losses in the Federal Reserve System.
By ALEX J. POLLOCK
||Opinion (Other)
The Federal Reserve’s Accounting for Its Own Losses Is Emerging as an Embarrassment That Only Congress Can Fix
America’s central bank fails to account for its own red ink the way it requires of the banks it regulates.
By ALEX J. POLLOCK
||Opinion (Other)
The Golden Road Out of the Debt Crisis
America has a chance to introduce into its monetary system a role for the gold that’s already owned by the government.
By ALEX J. POLLOCK
||Opinion (Other)
Debate Is Buzzing Over Whether Fannie and Freddie Are Ready To Be Released From Conservatorship
Only if, our columnist says, they are fully shorn of any free guarantees by the government.
By ALEX J. POLLOCK
||Opinion (Other)
How Can the Federal Reserve Pay Dividends to Its Shareholders When It Has No Profits?
A political compromise struck in 1913 has put the system of our central bank in an untenable position.
By ALEX J. POLLOCK
||Opinion (Columnists)