Economists Testify on Federal Reserve Before House Committee Chaired by Ron Paul

On May 8th, five economists, including our Research Fellow Peter Klein, appeared in testimony before the U.S. House Committee on Financial Services Domestic Monetary Policy and Technology Subcommittee, chaired by Congressman Ron Paul. The panelists included two economists from the Austrian School, two Keynesians, and one monetarist:

• Peter G. Klein, Research Fellow, The Independent Institute; Associate Professor of Applied Social Sciences and Director, McQuinn Center for Entrepreneurial Leadership, University of Missouri (Austrian)
• James K. Galbraith, Lloyd M. Bentsen, Jr., Chair in Government/Business Relations and Professor of Government, University of Texas (Keynesian)
• Jeffrey M. Herbener, Professor of Economics, Grove City College (Austrian)
• Alice M. Rivlin, Senior Fellow, Economic Studies, Brookings Institution (Keynesian)
• John B. Taylor, George P. Shultz Senior Fellow in Economics, Hoover Institution; Raymond Professor of Economics, Stanford University (monetarist)

Here is Dr. Klein’s written testimony, “Federal Reserve Folly and the Great Recession,” and the full panel can viewed below:

For further information on the harmful effects of central banking, including the Federal Reserve, please see the following:

Depression, War, and Cold War: Challenging the Myths of Conflict and Prosperity, by Robert Higgs

Financing Failure: A Century of Bailouts, by Vern P. McKinley

Money and the Nation State: The Financial Revolution, Government and the World Monetary System, edited by Kevin Dowd and Richard H. Timberlake, Jr.