The True Gold Standard (Second Edition)
Key Writings: Fieler on the Gold Standard
Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, is the only significant public official on record in opposition to the easy-money, zero-interest-rate monetary policy being pursued by Fed chairman Ben Bernanke. So there were multiple layers of irony when Hoenig journeyed to Lenexa, Kansas, on September 23 to deliver a dinner speech to the Hope for America Coalition, a local affiliate of the Tea Party movement.
According to Bloomberg Business Week, a Kansas-based Tea Party leader named Steve Shute praised Hoenig for his willingness to go “toe-to-toe with Ben Bernanke and the Boston-New York-Washington-San Francisco elite axis at the Fed.” He added that most members of that day’s dinner audience “believe the Federal Reserve should be abolished,” on the ground that it is “helping to destroy the country.”
BY SEAN FIELER: