Over one hundred years ago, Bryan rallied the farmers of the Midwest to oppose the Eastern money interests, represented by the gold standard. Perhaps that is because Mr. Forbes actually wants to readopt the gold standard. William Jennings Bryan is surely turning over in his grave. Forbes obvious intent in attacking Chairman Greenspan is to differentiate himself from the other Republican candidates. But there is a reason why he is alone.
Politicians go where the voters are and they aren t down on the farm any more.
In addition, a Fed that tailored monetary policy to farmers is quite ludicrous. It would be like a European Central Bank formulating its interest rate policy exclusively in view of Ireland s explosive growth, while completely neglecting developments in Germany, France and Italy. All rights reserved.