The Floating Kilogram

Even Chairman Yellen acknowledges that Congress has the power. She’s just pleading and warning that it not interfere. Why is Congress growing concerned about this in the first place? It’s because the Great Recession has lasted six years and we still do not feel like we’ve recovered. What is the Fed’s role in this? Could the reason that the Great Recession lasted so long be attributable to monetary policy? The value of the dollar has been allowed to collapse below one 1,100th of an ounce of gold. It was a 265th of an ounce of gold when George W. Bush was sworn in. These are huge questions, and somebody needs to ask them.

The news that the Justice Department is looking at something like ten or twelve major banks for possibly rigging the price of gold broke the same week that Mrs. Yellen was up on Capitol Hill testifying against an audit of the Fed.

The Floating Kilogram