And Now for Something Completely Different

Finally, a sensible plan from for the Fed. Read Lawrence Hunter's modest proposal:

The real challenge is to remove both the Fed's mandates and its discretionary monetary authority along with them, and replace them all with a simple statutory directive to calibrate dollar liquidity so as to maintain the dollar price of gold within a narrow band around a statutory gold price that defines the dollar. Any other legislative "solution" simply exonerates the Fed from responsibility and gives them more cover to fail. Indeed, diverting attention from the real problem and the real solution is a classic instance of playing the useful idiot on behalf of the real culprit.

The objective is simple and straightforward: Save the dollar, not the Fed.