My letter to the NY Times re: The Boston Fed as Community Organizer

Re: Boston Fed as Community Organizer

Dear Sirs:
This PR campaign by the Boston Fed is not authorized by its mandate.  More importantly, the Fed has no idea what businesses to support.  This is the role of the entrepreneur, who risks his own money and that of other capitalists.  Without skin in the game, the Fed has no means to evaluate which projects to support.  Ludwig von Mises destroyed this socialist dream almost a hundred years ago in Economic Calculation in the Socialist Commonwealth.

Patrick Barron is a consultant to the banking industry. He teaches Austrian school economics at the University of Iowa and Bank Managemant Simulation for the Graduate School of Banking, University of Wisconsin. Visit his blog. Send him mail.