Browsing the archives for the Fed tag.

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.

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