"Frank raps GOP, foreign banks for Fed criticism
WASHINGTON — Representative Barney Frank yesterday denounced Republican lawmakers for joining foreign leaders in criticism of the US Federal Reserve’s plan to buy $600 billion in bonds in an effort to jump-start the economy....
“Debating American economic policy is one thing; joining in a broad attack by foreign central banks, who insist that America somehow must subordinate our own legitimate economic needs to their currency requirements, is quite another,’’ he said in a statement.
Republican economists sent a separate letter to Bernanke last week criticizing the Federal Reserve’s bond-buying plan. Foreign leaders from China, Germany, and Brazil have also signaled their displeasure.
“I was not surprised at the extreme hypocrisy of the Central Bank of China insisting that America — apparently alone among nations — has an obligation to subordinate its own legitimate economic needs to international currency movements, nor was I surprised that other central banks, including Germany’s, joined China,’’ Frank said in his statement.
Of course, if the shoe is on the other foot the rest of the world must continue to fund and subsidize the debt of the hulking carcass of a dying empire.
“What did disappoint me was to see conservative economists, high-ranking officials of previous Republican administrations, and Republican congressional leaders share the attack by these foreign banks not simply on the substance of the Federal Reserve’s proposal, but on the very notion that America has a right to give a primary focus to our own economic need for growth at this time.’’
How odd that Barney's disappointment elicited joy from me.
And when is the Fed going to start focusing on us rather than fucking us, Barney?
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Also see: Obama Defends the Fed
I thought Democrats were the party of the common working man, not banks.
