The Federal Reserve is one of the most disliked entities in the United States at present; right alongside the IRS. Americans despise the Fed; but theyrsquo;re also generally a bit confused as to why they distrust our central bank.Their animus is reasonable; though; because the Fedrsquo;s most famous function—targeting the Fed funds rate—is totally backwards. John Tamny explains this backwardness in terms of a Taylor Swift concert followed by a ride home with Uber.In modern times; he points out; the notion of credit has been perverted; so that most people believe itrsquo;s money and that the supply of it can therefore be increased. This false notion has aggrandized the Fed with power that it canrsquo;t possibly use wisely. The contrast between the grinding poverty of Baltimore and the abundance of Silicon Valley helps illustrate the problem; along with stories about Donald Trump; Robert Downey Jr.; Jim Harbaugh (the Michigan football coach); and robots.Who Needs the Fed? makes a sober case against the Federal Reserve by explaining what credit really is; and why the Fedrsquo;s existence is inimical to its creation. Readers will come away entertained; much more knowledgeable; and prepared to argue that the Fed is merely superfluous on its best days but perilous on its worst.
2016-04-22 2016-04-22File Name: B01ENPXD5Q
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