By any objective criteria, the Federal Reserve has been a colossal flop. Instead of maintaining the purchasing power of the dollar, the greenback has lost approximately 95% of its value since the Fed’s founding.The Fed was also supposed to use its tools to banish the business cycle, or at l east ‘smooth out’ the economy’s ups and downs. Instead, the Fed has given us the Great Depression, and nearly a dozen business recessions, including the deep downturns of 1973-75 and the off and on downturn of 1980-1982. Murray Sabrin
Dec 19, 2003