The Federal Reserve's Century of Failure

December 23, 2013 marks the centennial of a disastrous transformation of the American Republic.  On December 23, 1913, the Federal Reserve System was created. Woodrow Wilson believed that central planning could make America better.  His informal deputy, Colonel House (who was not really a colonel at all), had written Phillip Dru: The Administrator before Wilson was elected.  That book celebrated aggressive federal intervention in American life to end poverty, achieve social justice, etc. It is ironic that the rolling out of ObamaCare should be on the one hundredth anniversary of the Federal Reserve System.  Both represent wholly misplaced attempts to replace the incremental influence of market forces with central planning by a national government.  Milton Friedman in 1988 said that no American institution had performed so poorly and yet retained such a high reputation with the people as the Federal Reserve System.  The...(Read Full Article)