Economics/Class Relations

The Federal Reserve Is the Root Cause of the Banking Crisis


The one pervading evil of democracy is the tyranny of the majority, or rather of that party, not always the majority, that succeeds, by force or fraud, in carrying elections.
Lord Acton, The History of Freedom and Other Essays [1907]


March 15, 2023

The Federal Reserve Is the Root Cause of the Banking Crisis
The Justice Department has announced it is investigating the banking crisis. It will undoubtedly charge that banking officials are responsible for the crisis. One thing is for sure: It will not indict the Federal Reserve System, which is the root cause of the crisis. In fact, in its search for scapegoats, it will not even acknowledge the Fed’s role in the crisis. That’s …

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