Inflation Is a Problem. Is the Federal Reserve the Only Way to Fix It?
What if we got all this dead wrong? The Carter era inflation “fix” cost me my family legacy via a 3 generation old firm that went down, and delayed my own marriage by years. What if that inflation had been well managed before Nixon resigned?
This is the sense in which the Federal Reserve — or the myth of the Federal Reserve — is a scam. We’ve been sold this lie that we can give this one agency responsibility for managing the economy, inoculated from politics, and then it’ll work out best for everyone.
Managing the economy requires a lot of different agencies that are contributing, and it would work a lot better if you were approaching solving problems from many different angles.
If you weren’t already indoctrinated on this stuff, and most people reading this probably haven’t thought much about the Federal Reserve at all, you wouldn’t necessarily think, “Oh, yeah, one agency moving interest rates up and down, that’s the way to manage the entire complex 21st-century economy, rather than using many tools and many different specialties to do that job.” It’s kind of a crazy idea if you haven’t been absorbed in a world that takes that for granted.