The Phaserl


Is Central Banking Scientific?

from The Daily Bell:

The Federal Reserve’s Framers Would Be Shocked … ONE hundred years ago today, President Woodrow Wilson went before Congress and demanded that it “act now” to create the Federal Reserve System. His proposal set off a fierce debate. One of the plan’s most strident critics, Representative Charles A. Lindbergh Sr., the father of the aviator, predicted that the Federal Reserve Act would establish “the most gigantic trust on earth,” and that the Fed would become an economic dictator or, as he put it, an “invisible government by the money power.” Had the congressman witnessed Ben S. Bernanke’s news conference last week, he surely would have felt vindicated. Investors, traders and ordinary citizens listened with rapt attention as Mr. Bernanke, the Fed chairman, spoke of his timetable for scaling down stimulative bond purchases. “If things are worse, we will do more,” he said of the nation’s economy. “If things are better, we will do less.” In 1913, few of the framers of the Fed anticipated that the institution would do anything of the sort. – The New York Times

Dominant Social Theme: It’s really a surprise that central banking has turned out the way it has. Who could have foretold?

Free-Market Analysis: Even leaving aside today’s lead article on central banking, this is one of the more dishonest articles that we’ve seen recently regarding the evolution of modern money control.

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1 comment to Is Central Banking Scientific?

  • aa

    Charles Lindbergh Sr. was totally vindicated. Too bad there weren’t more like him with the brains and vision to see the Federal Reserve for the horribly destructive monster it is and to stop it when they had the chance. Unfortunately there are very few like Lindbergh and most politicians then and now are cut from the same tub of shit. I agree with Richard Maybury that the vast majority of politicians are thoroughly detestable and rotten to the core.

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