Let’s Boycott Them!
Tom Woods’ bestseller Meltdown placed the blame for the financial debacle of 2008–09 on the government’s counterfeiter, the Federal Reserve. It was the Fed’s policies that created the problems, although most economists and economic talking heads didn’t see it that way. The Fed’s loose monetary policies funded the meltdown and became the “elephant in the living room” most pundits couldn’t see.
Woods was right, of course; putting a monopoly counterfeiter in charge of money eventually creates financial havoc. History knows no exceptions. Counterfeiters produce a medium of exchange wherein one party in a transaction exchanges nothing for something. It used to be called stealing, but in most universities, it’s now called monetary policy. That’s not a prescription for an enduring society.
We have no trouble finding loud voices claiming the Fed is privately owned by the biggest banks, even though it took an act of government to create it in 1913. In their view, the culprit Fed is simply another market entity strangling hardworking Americans for the benefit of a parasitical elite. The solution is to turn it over to the government. Government bureaucrats will be answerable to the People.
The days of government answering to the people they govern are found only in tall tales and government-issued publications. Government has the guns; the people they govern have the goods. Is it any wonder more and more goods are finding their way into government hands through taxation and deficit spending?
Turning money production over to the government makes it easier for the government to steal. The president and his cronies don’t have to pressure the Fed to create a false sense of prosper
Article from Mises Wire
