Ron Paul's Fed chairman
As president, Ron Paul would select Jim Grant as chairman of the Federal Reserve. A president Newt Gingrich would appoint Grant to a gold standard commission. 鈥淯nfortunately, I haven鈥檛 heard from Mr. Romney yet,鈥� joked Grant when MarketWatch鈥檚 Brett Arends called on him in his offices down on Wall Street. 鈥淚鈥檓 sitting by the phone, I鈥檓 ready.鈥�
础谤别苍诲鈥檚 with Grant produces many great points from Wall Street鈥檚 foremost wordsmith, including:
鈥淭he anachronism is today鈥檚 system,鈥� he says. We have a 鈥渃ommand and control, top down鈥� system whereby the Federal Reserve imposes an interest rate on society. The Fed, in other words, tells us what the price of money should be. It is, Grant says, oddly at odds with the modern age. 鈥淲e live in a world of collaborative social networks鈥� of the Internet and Facebook, of Wikipedia instead of the old World Book, and so on. And yet when it comes to the price of money, we wait for a committee that sits in private to tell us what it should be."
