Essential Liberty

Columnist John Stossel: “The Fed, created to shore up capitalism, has become an instrument of government economic management not so different from a socialist planning board: a tiny handful of powerful people attempt to fine-tune the entire economy. Its main mission has become continually goosing economic activity through infusions of new cash to maintain the illusion that good times will never falter. The result isn’t stability, but one economic bubble after another. The Fed’s manipulations fit well with President Obama’s ‘stimulus spending’ efforts. But neither seems to do the trick. This post-recession ‘recovery’ is among the weakest ever. … [T]hose banks and the Federal Reserve that dominates them are too big and too powerful, so much so that they risk dragging us all down with them if they fail. No dozen people should be granted so much power.”