Who Needs the Fed?
by John Tamny
2020-05-15 03:04:47
The Federal Reserve is the most disliked entity in the U.S. at present, having joined the IRS as the object of heaving electoral hatred. Americans despise the Fed, but they're alsoif honesta bit confused as to why they so dislike our central bank. "W...
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The Federal Reserve is the most disliked entity in the U.S. at present, having joined the IRS as the object of heaving electoral hatred. Americans despise the Fed, but they're alsoif honesta bit confused as to why they so dislike our central bank. "Who Needs the Fed?" will explain to a public that wants to know why the Fed's most famous function (targeting the Fed funds rate) is so totally backwards. Yet here's the catch: the backwards nature of Fed operations will be explained through a Taylor Swift concert, along with transportation home from that concert provided by Uber. The notion of credit has been perverted in modern times such that most believe it's money, and as such, that it can be increased in supply. The false notion previously laid out has needlessly aggrandized the Fed, and given it power that it can't possible use wisely. Importantly, the grinding poverty of Baltimore relative to the enormous abundance of Silicon Valley will be featured to explain all of this, along with stories about Donald Trump, Michigan coach Jim Harbaugh, the actor Robert Downey Jr., and robots. "Who Needs the Fed?" will make a sober case against the Federal Reserve by virtue of it explaining what credit is, and why the Fed's existence is inimical to credit's creation. Readers will come away from the book entertained, much more knowledgeable, and most important, ready to explain why the Fed is happily superfluous on its best days, while perilous on its worst."
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