“I would get rid of the Federal Reserve because the volatility in the economy is primarily caused by the Fed,” Allison wrote in 2014 for the Cato Journal, a publication of the institute.
I like John Allison. A few years ago I helped put together a forum on Wall Street in which John Allison participated. Since then I’ve talked with him a couple of times. In another life I worked for BB&T while Allison was CEO of the company. (Far far away from the corporate office.) John Allison would be an excellent choice for Treasury. He understands what crony capitalism is and why it is so dangerous.
(From The Business Insider)
On Monday, Trump will meet with John Allison, the former CEO of the bank BB&T and of the libertarian think tank the Cato Institute.
…Allison said that simply allowing the market to regulate itself would be preferable to the Fed harming the stability of the financial system.
“When the Fed is radically changing the money supply, distorting interest rates, and over-regulating the financial sector, it makes rational economic calculation difficult,” Allison wrote. “Markets do form bubbles, but the Fed makes them worse.”
Allison also suggested that the government’s practice of insuring bank deposits up to $250,000 should be abolished and the US should go back to a banking system backed by “a market standard such as gold.”