Richard Ebeling emails:
I participated in the April 5, 2016 “Libertarian Angle,” webinar sponsored by the Future of Freedom Foundation, with the Foundation’s president, Jacob G. Hornberger, on the topic: “Abolishing the Fed.”
This week’s focus is on the Federal Reserve and why the case can be made for its abolition. Slightly over one hundred years old, the U.S. Congress created the Federal Reserve System in 1913, with the power to control and management the monetary system of the United States. A century of such monetary central planning has shown it to be a disaster.
Inflations, recessions, and the Great Depression is the historical legacy of the Federal Reserve, including having created the most recent boom-bust cycle of 2003-2008, from which the U.S. economy has still not completely recovered from.
The discussion was on why it is impossible for monetary planning to successfully manage and stabilize a complex market economy; it can only introduce policies that being about imbalances, distortions, and the monetary and interest rate manipulations that result in the “bust” following the unsustainable “boom” of the business cycle.
Also, explain is how a system of monetary freedom and competitive free banking would provide the sound and stable institutions to facilitate personal freedom of choice, more successful coordination of savings and investment, and prevent the disruptions of the boom-bust cycle.
The webinar runs for about 35 minutes.