A couple of years back as I was watching Fox News on a Sunday morning before heading off to church, Liz Trotter came on. In her segment she was talking about the economic crisis, quantitative easing, stimulus, General Motors, etc. She then asked five very simple questions that I would wager have never crossed the mind of the vast majority of American voters of either party. They were questions about monetary policy, Congress, the Federal Reserve. And their elementary simplicity belies their profound insight. I wrote them down and offer them now:
- How much money does the Fed have? (I would think this question could apply to both the Federal Reserve and Congress).
- Where does it come from?
- Who decides what to do with the money?
- Who is responsible for oversight? Checks and balances?
- How much money does the government have left?
Most people may have thought about one, maybe two of these questions in passing, but never in a serious reflection of the significance of what folds in their wallet, jingles in their pocket or purse or what that magnetic strip on the back of a piece of plastic really means to what they do, earn, buy and eat everyday.