Defend the Fed

ethics

The Federal Reserve gets a lot of flak for being a private banking cartel, stealing the value of savings through legal counterfeiting, and other forms of financial douchebaggery.  However, the “End the Fed” crowd gets carried away when they mark the Fed as the root of all evil. What the Fed does is not inherently wrong.  All it does is print money.

If someone opened a restaurant chain all over the country that sold radioactive waste on a sesame seed bun, the restaurant would not be hurting anyone. It would merely be providing a service that few people, if any, would want.  The difference between Federal Reserve notes and Food That Glows is not that most people do not want them. It is that the government forces people to accept FRNs at the point of a gun. That is what legal tender means.

The ethical situation becomes different after legal tender laws are passed, or the State begins forcing everyone to eat Gamma Burgers for dinner. The Radio Grill should not knowingly accept exchanges that are coerced. It should not sell food to people who do not want it, and are only buying it because they go to jail if they do not. If they continue to sell their poison to people, then they are complicit in the crimes of the government.  Similarly, the Fed is complicit in the crimes that began with legal tender laws.

Do the Fed and the government hold equal responsibility?  They both claim to defend individuals. Both steal.  Both use the stolen money to enrich themselves and control their victims. Yet without the government, the Fed would be powerless. The Fed brings violence to others indirectly, whereas the government threatens fines, taxes, imprisonment, forced labor and execution against every individual.  The main culprit is the institution of coercion and compulsion — the government.

It is hard to hard to see any reason to mitigate the responsibility of the Fed. What they are doing is wrong. Yet, the Fed is not the ultimate cause of the financial and economic destruction that it creates.   The Fed might even claim that it did its dastardly deeds under duress.  While that would not absolve it, a more complete understanding could still help direct the pursuit of justice to where it is needed most.

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