Profiles

One of the biggest and most pervasive myths in modern-day economics is the myth of the omnipotence of the Federal Reserve.

Fractional reserve banking allows the Federal Reserve to manipulate the money supply, leading to booms and busts. Central banking is not a defense against business cycles; it is a major cause of them.

While we criticize the Fed for its monetary predations over the past few years, we really should look at the harm the Fed has caused for more than a century. Its record is abysmal.