Fed Rates Cut? Who Needs the Fed?
If Reelected, Would Donald Trump Help Reign in the Federal Reserve?
IS IT TIME TO THROW OFF THE SHACKLES OF THE FEDERAL RESERVE?
PUBLIUS SPECIAL GUEST: Thomas J. DiLorenzo, President of the Mises Institute, a non-profit organization that exists to promote teaching and research in the Austrian school of economics, and individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard. He is the author of Hamilton's Curse: How Jefferson's Arch Enemy Betrayed the American Revolution--and What It Means for Americans Today.
Perhaps nothing in financial news receives more attention than an announcement from the Federal Reserve. About eight times per year, the Federal Reserve’s Federal Open Market Committee meets to formally decide and announce its plans for monetary policy. Every announcement has the potential to cause a rally, or a rout, in financial markets.
It makes sense that a mere announcement from the Fed has the power to move markets in a big way. The Fed wields vast power over interest rates, bank regulation, and the money supply. When it comes to policies that affect the everyday lives of nearly every American—and even countless people outside the United States—it is likely that no government institution is more powerful than America’s central bank, the Federal Reserve.
Yet this institution works largely in secret, has never been audited by Congress, and is virtually never challenged by anyone in Washington or in the legacy media. In this era of eroding public trust in Congress, the presidency, the media, and even the military, it’s quite remarkable that the Federal Reserve faces so little scrutiny.
Much of this is because the Fed’s supporters have for decades so successfully spread myths about how the Fed provides stability and prosperity.
A closer look at the reality of the Fed reveals that the Fed does not benefit ordinary people nor does it make the economy more stable. Instead, the Fed was the primary source of the forty-year highs in inflation consisting of sharp spikes in food, housing, healthcare, and transportation prices. In many cases, rising prices outpaced wage growth, meaning that millions of American households—mostly those with lower incomes and fixed incomes—have experienced negative real income growth in recent years. Meanwhile, Fed policy has also driven inflation in real estate and equity prices, which has padded the portfolios of wealthy households, banks, and governments.
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ABOUT: Founded in 1982 by Llewellyn H. Rockwell, Jr., with the blessing and aid of Margit von Mises, Murray N. Rothbard, Henry Hazlitt, and Ron Paul, the Institute seeks a free-market capitalist economy and a private-property order that rejects taxation, monetary debasement, and a coercive state monopoly of protective services.
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BIO: Thomas J. DiLorenzo, President of the Mises Institute, is a former professor of economics at Loyola University Maryland and a longtime member of the senior faculty of the Mises Institute. He is the author or co-author of eighteen books including The Real Lincoln; How Capitalism Saved America; Lincoln Unmasked; Hamilton’s Curse; Organized Crime: The Unvarnished Truth About Government; The Problem with Socialism; and The Politically-Incorrect Guide to Economics.
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Thomas J. DiLorenzo, President of the Mises Institute, a non-profit organization that exists to promote teaching and research in the Austrian school of economics, and individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard. He is the author of Hamilton's Curse: How Jefferson's Arch Enemy Betrayed the American Revolution--and What It Means for Americans Today.