The Fed

That phony money creates a false boom is not an unknown fact in history.

The possibility of an insolvent central bank, however, bypasses the question of whether the central bank should be abolished and concludes that it will, in certain instances, abolish itself as insolvency renders it helpless.

Nicholas Biddle was the president of the American central bank that preceded the Fed.

Over time, a situation can emerge where, as a result of persistent loose monetary and fiscal policies, there are not enough wealth generators left.

The mathematical economists are therefore framing assumptions which are admittedly false or partly false, but which they hope can serve as useful approximations, as they would in physics. The important thing is not to be intimidated by the mathematical trappings.

Presented by Douglas E. French at “Recovery or Stagnation?,” the Mises Circle in San Francisco; sponsored by Mark L.

Bernanke has overseen the most expansionist monetary regime in American history.

In order to keep up the appearances of prosperity, government spending must be constantly increased, with an ever-increasing share of total production going to the nonproductive.

In the period from 1913 to 2007, the Fed — implementing its mission to "stabilize the price level" — destroyed over 97 percent of the purchasing power of the dollar. (For comparison's sake, note that the value of the dollar had increased slightly during the 100 years before the Fed was created.)