From the Roaring Twenties to the "great moderation," America has always shown a flair for labeling things, and speculative manias are no exception. Historians remember the ignorant, blissfully happy...
For all the Fed's imposing grandeur, Ben Bernanke is running our third (albeit longest-running) try at a central bank. This country has lived without a central bank before and, if given the chance, could do so again.
The US money supply can be increased at the whim of Federal Reserve officials, writes C.J. Maloney, with no compensation at all given to those whose current holdings will be debased by the newly created money.