John Stossel: End the Federal Reserve
But we should watch what they do. The Fed can destroy your savings and your future. The current crew of Fed bureaucrats has raised the Fed's balance sheet to a stunning $4 trillion.
He makes a good point. For three decades, Ron Paul was virtually alone among politicians in questioning the Fed. But now there are more.
Yet 16 years after the Fed's creation, the Fed's low interest rates fueled the Roaring Twenties and led to the greatest stock market crash in history. Then the Fed's tight money worsened the Depression.
There's great pressure for the Fed to time these decisions just right in order to avoid economic downturns and — some argue — to make current political officeholders look good. Increasingly, investors and Wall Street analysts obsess over what the Fed will do, instead of paying attention to inventions, productivity and real wealth-creation.
The Fed's manipulations fit well with President Obama's "stimulus spending" efforts. But neither seems to do the trick. This post-recession "recovery" is among the weakest ever. Japan's central bank tried the same stimulus for the past 15 years, since its economic crash. That didn't work either.
It would be more accurate to say that those banks and the Federal Reserve that dominates them are too big and too powerful, so much so that they risk dragging us all down with them if they fail. No dozen people should be granted so much power.
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