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- The Fed: Harming the Economy for Over a Century
The Fed: Harming the Economy for Over a Century
by Jon Wolfenbarger Mises.org
Since its founding in 1913, the unelected central planning bureaucrats at the Federal Reserve have been given the incredible privilege of legally creating money out of thin air, which mere mortals like us are not allowed to do. They have also been given the tremendous responsibility of maintaining (1) maximum employment, (2) a stable price level, and (3) low interest rates.
How have they done so far?
Since 1913, the bureaucrats at the Fed have helped cause.