ABOLISHFED

Federal Reserve

A dollar from 1913 buys about three cents today.

Official story

What they claim to do

Conducts monetary policy to promote stable prices, maximum employment and moderate interest rates.

Ground truth

What they actually do

Since the Fed opened in 1913, the dollar has lost roughly 97 percent of its purchasing power, according to the Bureau of Labor Statistics’ consumer price index. After 2008, it extended trillions of dollars in emergency lending and asset purchases to the financial system.

The libertarian case

A central bank is central planning for money: a committee sets the price of credit, and the boom-and-bust cycles that follow get blamed on the market. Sound money, whether gold-backed or chosen among competing currencies, doesn’t need a committee. End the Fed.

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