When speaking about the difference between the private sector and the government, I sometimes emphasize that mistakes and errors are inevitable, and that the propensity to screw up may be just as prevalent in the private sector as it is in the public sector. I actually think the government is more likely to screw up, for […]

For all intents and purposes, Bernanke has said that the Fed is going to relentlessly focus on the variable it can’t control (employment) at the risk of causing bad news for the variable it can control (inflation). Since that hasn’t worked in the past, it presumably won’t work in the future.

Ron Paul has made “End the Fed” a popular slogan, but some people worry that this is a radical untested idea. In part, this is because it is human nature to fear the unknown. But there are plenty of examples of policy reforms that used to be considered radical but are now commonplace. Statists used […]

Nothing compares to the depth and substance of Professor George Selgin’s scholarly take-down of the Federal Reserve, but this video by a local libertarian has a very authentic feel. Julie lists 10 reasons to dislike the Fed. 1.    The Fed has too much power. 2.    The Fed has devalued the currency. 3.    The Fed hurts […]

I generally try to avoid commenting on monetary policy. Not because I don’t have opinions, but for the simple reason that I don’t follow the issue closely enough to feel fully confident about what I say. This doesn’t mean I’m happy with Fed Chairman Bernanke. But I’m most likely to be upset that he is […]

To put it mildly, the Federal Reserve has a dismal track record. It bears significant responsibility for almost every major economic upheaval of the past 100 years, including the Great Depression, the 1970s stagflation, and the recent financial crisis. Perhaps the most damning statistic is that the dollar has lost 95 percent of its value […]