Monday, September 22, 2008

The Federal Reserve, and Keeping Our Eyes on the Ball

September 22nd, 2008 by Thomas
There is a lot of emphasis in some
quarters of the freedom movement on
the Federal Reserve as a “private”
bank (or banks, if thought of in terms of
its regional banks). This is why we are
supposed to be against it, and this is
what is supposed to alarm everyone.

This argument is overblown, and
misdirects our attention. Would I want a
“public” institution doing what the Fed
does? Do I want “the people” in charge
of inflating their money, introducing
discoordination into credit markets, and
creating the business cycle?

I thought of this because I just read an
article on the Fed by someone on the
Left who speaks of “how this private
cartel has usurped the power to create
money from the people themselves and
how we the people can get it back.” Get
it back? That’s like saying the
concentration camp has been
monopolized by a cartel long enough,
and we the people need to get it back.
We should abolish it!......

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