While it is easy to think the Fed bases its policies primarily on economic science, it’s more likely that what actually concerns the Fed in 2021 is keeping interest rates low to facilitate huge amounts of deficit spending.
In 1971, David Rockefeller favored a “new international monetary system with greater flexibility” and “less reliance on gold.” Seeing an opportunity to expand his own power, Richard Nixon enthusiastically embraced the scheme.
In 1971, Nixon used a fiscal crisis to justify severing the dollar's last connection to gold. It was the same old story: "we must vastly expand government power because of a 'crisis.'" The government never gives up these new powers.
Even after countless threats of embargoes and other forms of aggression from the new imperialist USA, a shift of one vote would have defeated the Constitution in Rhode Island. It truly was a last stand that just barely failed.
The risk of government expropriation of private property remained low, and Botswana rejected antiwhite reformist politics which destroyed capital in many other countries in the region. Economic success has been a result.
In the fall of 2016, I was a left communist. As any Marxist can tell you, ideology can blind one to the insights that might disrupt one’s political adhesions. Only it was Marxist ideology itself that blinded me.
The creation and enforcement of fiat money enables larger and more centralized government. Large government programs become possible that were not possible or sustainable under a market-chosen, sound money standard.
The Federalists employed all the tricks: from delaying the postal delivery of Antifederalists' pamphlets to waging a propaganda war in the press. The Federalists also did their best to limit suffrage only to groups likely to vote for ratification.