Abolish the Fed, Says Sun Microsystems Co-founder
On CNBC’s “Squawk Box” on Tuesday, Sun Microsystems founder and Harvard-trained economist Scott Mc Nealy asserted the Federal Reserve has become a "marketing department" for the government and "shouldn't be in any business at all. They shouldn’t be in the business of taxing people by devaluing the dollar, and they shouldn’t be in the business of setting expectations."
He said the Fed should not be able to do "quantitative easing without going through Congress. It's an out of control branch of the U.S. government" that should be abolished:
“The government shouldn’t be in business, they shouldn’t have a marketing department, and they shouldn’t be taxing through deficit spending and quantitive easing,” he said.
"If you're running deficits and you're printing money, you're devaluing the dollar and the buying power of every thing denominated in U.S. dollars, assets and income," McNealy said. "The consumer’s feeling that."