The fact that our entire economy is run by a small cabal of human beings who preside over a massive, enormous global economy with regard to central banking is despicable. The gold standard used to take this directly out of the hands of bureaucratic “experts.”
The system of incentives is uniquely bad. The Federal Reserve has been tasked with simultaneously keeping inflation low and keeping employment high; that used to be the job of legislatures. But now, when you hand it off to the Federal Reserve, their job is to continue to backfill all the bad legislation coming out of Washington, D.C. Fiscal responsibility can only happen when you don’t have a bunch of central bankers manipulating the switches behind the scenes.
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