[quote=Allan from Fallbrook]
Second, did you do any research on “Jekyll Island” author Griffin? I notice you didn’t respond to my post showing his background and a definite lack of credibility.
[snip]
Griffin is a crank, pure and simple. His professional background, such as it is, does not make him a credible source, but you seem all too willing to jump on the bandwagon and cry out about some evil, perfidious scheme going on at the Fed. The Wiki entry regarding the “secret voice vote” is hooey, hence my suggestion to do more research (which you clearly did not), as is your assertion that a “complete” Fed audit has not been done. You never answered what a “complete” or “real” Fed audit would look like, just that one needs to be done.[/quote]
I haven’t read “Jekyll Island” (full disclosure), although I recall bringing it up (I was thinking of reading it) several years back (like a decade ago, if memory serves) with a former professor of mine whose specific area of expertise is the Fed and monetary policy. He said something on the order of, “Only someone who knew very little about the Fed would take the book seriously. Don’t bother.” He also said, “Greider’s book is flawed, but much better.” (Referring to “Secrets of the Temple,” which I subsequently read.)
Now, I don’t like pitting “expert vs. expert” while discussing an issue like this because then it turns into a game of which expert deserves more credit, which is difficult to prove to anyone’s satisfaction. I also don’t like to play the game of “who has greater credentials.” However… Griffin’s background in finance is pretty much limited to being a Certified Financial Planner. I’m not saying you have to have a PhD in economics for your views on the Fed to be taken seriously (see Greider for just one very obvious example), but… sometimes having a more formal, technical education in a field is helpful in understanding the nuances (“sometimes” being the operative word). [In fairness, however, Greenspan and Bernanke have doctorates and a fat lotta good that’s done us – in fact, it’s probably been harmful. But that’s a different topic.] So, to be clear, LOTS of folks without a formal education in economics and finance have valid intelligent opinions regarding the Fed and all sorts of other financial topics that don’t necessarily jibe with conventional wisdom. LOTS of them. But… if you’re going to write a book about the Fed that’s as conspiratorial and off-the-reservation as the reviews indicate, you better make sure it’s tighter than tight, particularly if your academic/research/professional credentials are a little light (pardon the rhyme) given the topic…
Anyhow, it took me all of 30 seconds to find this criticism of Jekyll Island, specifically, and Fed conspiratorialists in general (see “Myths” at the bottom):
My point is an obvious one (and applies to BOTH sides of any issue): Just because it’s in writing don’t make it so. Lots of legitimate thinkers clearly think Griffin’s a quack and his book is toilet paper. (Doesn’t make them right, but it’s a data point to consider when deciding whether to hang your hat on some specific author’s views.)
