Federal Reserve Crook Attacks Ron Paul: David Andolfatto Calls Congressman Paul a Pinhead

The Vice President in the Research Division of the Federal Reserve Bank of St. Louis, David Andolfatto, has called Ron Paul a pin head. When you consider the recent actions of the Federal Reserve, this is funny stuff.

Andolfatto referenced a passage in Paul's book, End the Fed.

One only needs to reflect on the dramatic decline in the value of the dollar that has taken place since the Fed was established in 1913. The goods and services you could buy for $1.00 in 1913 now cost nearly $21.00. Another way to look at this is from the perspective of the purchasing power of the dollar itself. It has fallen to less than $0.05 of its 1913 value. We might say that the government and its banking cartel have together stolen $0.95 of every dollar as they have pursued a relentlessly inflationary policy.

In response Andolfatto writes:

The guy can be a real pinhead at times. And this is never so evident as in his persistent “attacks” against the Fed…Now, of course, I work at the Fed, so maybe you think I’m just complaining for the sake of defending my employer. If you think that, I can understand why you do. It is because you do not know me.

There are legitimate arguments one could make against the Fed as an institution and/or about the conduct of Fed policy. And then there are the stupid arguments, for example, the one contained on pg. 25 of his book End the Fed.

Stupid argument Mr. Andolfatto? Seriously? The Federal Reserve is printing so much money these days the Amazon rain forest is about to collapse, and what does this mean to the value of your dollar? Have you tried buying anything with it lately? Just in the last two years, prices have jumped as a result of the lessing value of the dollar, but don't worry, we have clowns like Andolfatto telling us it's going to be okay and calling those who see what is happening as the dollar weakens "pinheads."