Thank Goodness for Diversity
From the Tom Woods Letter:
We have reason to celebrate, according to the Associated Press.
The Federal Reserve System is at its most diverse ever!
Says the AP: “There are more female, Black and openly gay officials contributing to the central bank’s interest-rate decisions than at any time in its 109-year history.”
So the problem with the Federal Reserve isn’t that it interferes with the market economy by manipulating interest rates. The problem isn’t that its interventions cause the business cycle. The problem isn’t its bailouts, or the moral hazard introduced by the very existence of a paper-money producer like the Fed (since major market actors know there is no physical constraint on money creation and therefore on the Fed’s ability to bail them out if it came to that, they behave more recklessly than they would otherwise).
No, the problem is that not enough female, black, and “openly gay” people have been participating in these awful things.
And now, prob
Article from LewRockwell