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Xinhua: Former Federal Reserve Official Criticized the U.S. Government for Manipulating the Dollar

On May 14, 2012, Xinhua reported that Herman Cain, former chairman of the Federal Reserve Bank of Kansas City and former Republican Presidential candidate, commented on the Federal Reserve System. Cain said, "the present U.S. monetary system is an abysmal failure by any objective measure." He expressed the belief that the Fed is manipulating the dollar and that the United States should roll back to the Gold Standard. Cain wrote an article for the Wall Street Journal saying that “it is not the people of the Fed, but the actual structure, that needs reform. Our liberty and prosperity depend on it.” For the last 40 years in Washington, regulate has meant manipulate, with the Federal Reserve raising and lowering interest rates and buying and selling assets at its own discretion. Since the beginning of the global financial crisis, the Federal Reserve has lowered the interest rate to 0.25%. All the Fed’s recent rounds of “Quantitative Easing (QE)” efforts have cast a negative image on the Federal Reserve inside and outside of the United States.

Sources: Xinhua, May 14, 2012

Wall Street Journal, May 13, 2012
"Herman Cain: We Need a Dollar as Good as Gold,"