Forbes Magazine runs an unintentionally truth-telling article about the Fed, demanding that we pay no attention to the man behind the curtain: "The Federal Reserve Needs To Be Boring Again," by Thomas E. Cooley. You should yawn at the news that an institution set up by the state and Wall Street banksters to inflate, expand the state to their profit, and cartelize the banking industry, has made possible world wars, the massive welfare state, and other government depredations. Not to mention ripping off 95% of the value of a dollar, causing artificial booms and busts, and redistributing wealth from the rest of us to the state and its best friends. And hey, Ron Paul, don't you dare ask for Fed transparency. Leave these wise men (from Wall Street and the banking industry) to make their complex decisions in private, like causing the housing boom and bust. They must be supervised only by God. But if you disagree with Mr. Cooley and want to learn more, there is Ron's forthcoming End the Fed and Tom Woods's Meltdown. Read also Murray Rothbard's What Has Government Done to Our Money, The Case Against the Fed, and A History of Money and Banking. His power-elite analysis of the Fed is unmatched. Oh, and by the way, thanks to the Fed-produced crisis, Ron Paul, and the Mises Institute, the central bank will never be boring again. Audit the Fed? Sure. But let's also sell off the marble from its palaces and sow salt in the earth where they stood. Nothing could be better for our children and grandchildren, and for our civilization.
And Tom Woods adds:
Lew, following up on your comment, Murray Rothbard points out here that when, say, the government puts a tariff on steel, everyone pretty much understands that the steel industry by and large supports and probably lobbied for it, and that it's obviously not being done out of a disinterested commitment to the common good. But as soon as you suggest that regulations, wars, the Fed, etc., might be similarly motivated, you've committed thoughtcrime.