In Nothing We Trust: Part 3/5
Part three in the on-going saga of posting a paper no one wants to read.
PART THREE: THE FEDERAL RESERVE SYSTEM – THE MAGICAL MONEY MAKING MACHINE
“The world is governed by very different personages from what is imagined by
those who are not behind the scenes.” – Benjamin Disraeli, English Statesman 1844.
In the preceding pages, a quick sojourn through time has shown the many seemingly innocuous and worthless items that have been used as money. We have also taken a brief jaunt alongside the continued attempts to build a centralized banking regime in America and the subsequent fall of each. In this section, that basic framework becomes the context with which the merits of the Federal Reserve System are called into question. The question was posed in the opening paragraphs of whether or not there should be an all-mighty arbiter that controls the creation and flow of money. That is precisely what the Federal Reserve is.
Llewellyn Rockwell, Dean of the Ludwig von Mises Institute, has a less flattering view: “It’s no different from a burglar in your home wanting to steal your money – that’s what the Federal Reserve does. It depreciates your savings, it takes away your economic security and it ought to be treated as an institution that does that rather than something of alleged benefit.”
