Obama's Contempt for Law (Chavismo Comes to Washington)

Let me counterfeit money and then charge others for using some of it and I will run a "surplus" too. Since the Fed has come into being, the U.S. dollar has lost 95% of its purchasing power — and yet the defenders of the Fed tell us its purpose is to “keep inflation under control.” The damage the Fed has done to the economy outweighs any dubious benefit by several orders of magnitude. The Federal Reserve was largely responsible for the Great Depression, because it permitted banks to reduce reserves. The runaway inflation of the '20s inevitably came crashing down. At that point the Fed reduced the money supply, greatly deepening and lengthening the Depression. Since then we've careened from one Fed crisis to another.