[T]he events of 1913 effectively transformed America from a constitutional republic into a centralized state. Instead of gold and silver being the coins of the realm, instead of workers keeping the fruits of their labor, instead of the people paying for the legitimate functions of government with indirect taxes, instead of the federal government minding its business overseas, America has become a superstate.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