But instead, the Fed has, allegedly within the scope of the law, assumed a broader mandate to provide another way to finance government spending – printing money.
Like police with a responsibility for protecting property but also with a license to steal, the latter will eclipse the former. The Fed either is going to protect the value of our money or it is going to print it to pay for spending. Unfortunately, it has chosen the latter.
Like everything else in our country, money has become relative and politicized.
When the dollar was tied to gold, the official price was $35 per ounce. Since we severed this link in 1971 and totally politicized our money, it now takes over $1500 to buy an ounce of gold.
Our taxes get raised indirectly through higher prices and the eroded value of our savings.
Politicization of the Federal Reserve and our money is a particularly dangerous development in a trend that is ruining America - the erosion of law and the distortion of the role of government.
There is no way around the fact that freedom and prosperity only exist when government protects property, and this includes our money.