Thomas E. Woods, Jr., is the New York Times bestselling author of 11 books, including The Politically Incorrect Guide to American History and Meltdown (on the financial crisis.) A senior fellow of the Ludwig von Mises Institute, Woods has appeared on MSNBC, CNBC, FOX News, FOX Business, C-SPAN, Bloomberg Television, and hundreds of radio programs... (Read More)
Check out this graphic on the Federal Reserve.
Let me summarize it for you: the Fed is run by super-smart guys and plays a really, really important and indispensable role in the economy. It was never, ever intended to help Wall Street or the big banks. That’s crazy talk, that is. No, the Fed gives us a nice combination of growth and modest price inflation, since that’s the trade-off it’s faced with. Anyone who might be opposed to the Fed must have only bizarro reasons for doing so, because all the smart people love the Fed. Oh, and in summarizing the points made by Fed critics, let’s make sure never to mention the words “business cycle,” “debasement of the dollar,” or “financial bubbles.”