Biggest Federal Reserve Scandal and That’s Much of What Federal Reserve Real History Contains
The Biggest Federal Reserve Scandal –American Consequences
“Following revelations that Federal Reserve officials made trades in financial assets while the Fed was taking extraordinary efforts to ‘stimulate’ the economy, Federal Reserve Chairman Jerome Powell ordered a review of the Fed’s ethics rules.
While these trades appear problematic, they pale in comparison to the biggest Fed scandal – the Fed’s impoverishment of ordinary Americans, enrichment of the elites, and facilitation of government debt and deficits.
The depression induced by coronavirus, though really caused by so-called public health actions government took in response, was the official reason for the Fed’s increased asset purchases last year.
However, the Fed actually started ramping up its money creating activities in September of 2019, when it began pouring billions a day into the repo markets, which banks use to make short-term loans to each other, in order to keep repo market interest rates low.
Coronavirus was just a convenient excuse for the Fed to do more of what it was already doing… Now, the Fed is using the limited reopening as a scapegoat for rising prices.
Of course, anyone who understands Austrian economics understands that rising prices are a symptom, not a cause, of inflation. Inflation is the very act of money creation by the Fed….
Rising prices that diminish the average American’s standard of living are not the only result of the Fed’s manipulation of the money supply. The manipulation distorts economic signals, producing results including booms, bubbles, and busts.
Inflation has always benefited the well-connected elites who receive the Fed’s newly created money before the new money causes widespread price increases….
Another major scandal involving the Fed is Congress’ refusal to pass the Audit the Fed bill and let the American people know the truth about the Fed’s operations….It is time to end the scandal of allowing a secretive central bank to have so much power over the economy and our liberty. It is time to audit, and end, the Fed.”
