David Stockman's Core Criticism of Fed Policy (Interview on Capital Account)

Below is Former Reagan Budget Director David Stockman's interview with Lauren Lyster on RT's Capital Account on 9/21/2012. Quoted below is David Stockman's core criticism of Fed policy.

"Well it's based on the proposition that a monetary politburo, twelve people sitting on the open market committee, can run a $15 trillion economy in the United States and basically drive the entire world financial system. It's just not sensible, they are painting themselves into a corner. They are really destroying the capital markets and the money markets. Interest rates don't mean anything anymore. It's entirely administered and manipulated by the Fed. The yield curve has been mangled, I mean they call it operation twist for crying out loud. So how can you have a vibrant capitalism that works if the capital markets have been totally suffocated and taken over by the twelve people sitting on that open market committee, who have appointed themselves as the committee to run the world. We're going to a dead end here in which Central Banks are the fundamental threat to the economic future."



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