LETTER FROMTHE EDITOR
P.J. O’ROURKE
My Personal Central Bank
Most of my colleagues here at American Consequences are skeptical about Central Banks. Not me. I like them. I want one of my own. Of course, I don’t want an enormous Central Bank like the Federal Reserve. Where would I put it? Although we live in a big old house in the country, we don’t have enough bedrooms to host seven Federal Reserve Board Governors and a dozen Reserve Bank Presidents at those Federal Open Market Committee (FOMC) meetings they have all the time. We’d have to put some of them in the hayloft. (Do they bring their families?) Plus, we’d have to feed them. I hope FOMC
members are okay with weenies and burgers on the grill and a cooler full of beer. No, what I want is a compact, household-size type of Central Bank for my own personal use. A small, handy O’Rourke Central Bank that would fit in the laundry room or in the mudroom between the dog kennels. The reason I want my own Central Bank is that I’ve been reading up on the Federal Reserve Act of 1913 and the mandate it gave to the Federal Reserve Bank – specifically, the mandate as it was amended during the 1970s and ‘80s in “Section 2A. Monetary policy objectives.”
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