Sowell quotes Woodrow Wilson, that the Fed could provide "a currency which expands as it is needed and contracts when it is not needed" and that "the power to direct this system of credits is put into the hands of a public board of disinterested officers of the Government itself" to avoid control by private bankers or other special interests. My mind stopped at that quotation and asked, "Needed or not needed by whom?" Obviously, by the regulators, so they can play witch doctors with their crystal balls and forecast formulae and other paraphernalia of omniscience. Or, one could call them card sharks who "need" a marked deck and magician's sleeves. Statists "need" power to steer things in their preferred direction.