Paul  Weyrich

Some economists also have criticized the Federal Reserve for lowering interest rates so much that inflation may become a serious problem. If this proves to be the case and the Federal Reserve has over-reacted to the crisis by lowering interest rates excessively, it would provide further proof that too much regulatory power should not be vested in one bureaucracy.

A free market is notoriously difficult to manage and predict because so many different forces govern it. Yet it has proven to bring the greatest wealth to the most people of any economic system in history. Certainly some regulation is needed to govern the human propensity toward sin and greed. But too much regulation will move us toward a statist economy. If this happens, the American entrepreneurial spirit may be stifled in a bureaucratic and legislative quagmire while real wages decline. And countless historical examples have shown that, if left to itself, the market does a much better job of correcting itself than bureaucrats who try to micro-manage prices, coinage, interest rates or wages. On this subject the words of John Lennon and Paul McCartney may provide more guidance than reams of Federal Reserve legislation, "Let it be."

Paul Weyrich

Paul M. Weyrich is the late Chairman and CEO of the Free Congress Research and Education Foundation.
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