The Federal Reserve was originally created to bring stability to our financial and monetary system. However, despite multiple failures, it has widely escaped criticism. There is a myth that the Fed is there to protect us. But upon closer inspection, does it?

If you ask Nobel laureate Dr. James Buchanan, the answer is clear, “The Fed more or less just inherited this legacy of being a monopoly in control of a monetary institution. It’s not a constitutional body. It has never been explicitly examined legislatively. And yet it gets away with all this without any criticism because the criticism is always on the congress or the president… They don’t concentrate on where the problem really originates. And certainly we now know from the economic histories that have been written about the 30s that the Great Depression of the ’30s was basically caused by the Federal Reserve’s failure to shore up the monetary system. And we know the great inflation in the ’70s was caused by that. We know the recession and slow recovery from ’89 forward was caused by that. And yet, how does the Fed insulate itself from public criticism? That’s a mystery.”

Find out more behind this lack of criticism from Buchanan and Dr. David Fand in the latest episode of the Free To Choose Media Podcast.