The Illusion of Control: Unmasking the Federal Reserve with Alex J. Pollock

In this compelling episode of "The Rational Egoist," host Michael Leibowitz sits down with Alex J. Pollock, a senior fellow at The Mises Institute and former Principal Deputy Director of the Office of Financial Research in the U.S. Treasury Dept. Together, they delve into the fascinating yet fraught world of the Federal Reserve, an institution often misconceived as a central economic manager.

The Federal Reserve, in its simplest form, comprises 12 regional banks attempting to regulate the U.S. economy. Its original mandate was to inject liquidity into the financial system during times of crisis. However, as Michael and Alex point out, the persistent and unrestrained expansion of money supply even after crises have been resolved has converted this mechanism into an ongoing problem, rather than a solution.

The conversation takes a historical turn when they discuss the U.S. government's suppression of the gold standard and its unilateral ban on citizens owning gold. Remarkably, while American civilians were barred from gold ownership, the U.S. government continued to accumulate large reserves of gold by purchasing it overseas.But the real kicker comes when our experts examine the ramifications of divorcing the U.S. dollar from gold in 1971. This shift has led to a monetary system with virtually no constraints on the amount of currency that can be printed, setting the stage for escalating inflation and subsequently, complex political challenges.

Despite its numerous failings, the power of the Federal Reserve continues to grow, becoming increasingly centralised. The paradox is as disconcerting as it is true: the more mistakes the Federal Reserve makes, the more potent it becomes.

Join Michael and Alex as they unravel these complicated threads, offering keen insights into an institution whose influence stretches far and wide but whose true impact remains poorly understood. This episode is not just an analysis but a cautionary tale, highlighting the perils of placing too much power in the hands of a single entity.

Michael Leibowitz is a renowned philosopher, political activist, and the esteemed host of the Rational Egoist podcast. Inspired by the philosophical teachings of Ayn Rand, Leibowitz passionately champions the principles of reason, rational self-interest, and individualism, seeking to empower others through his compelling work.

His unwavering commitment to these ideals has garnered him a dedicated following of like-minded individuals.Leibowitz is a versatile author, co-authoring the thought-provoking book titled "Down the Rabbit Hole: How the Culture of Correction Encourages Crime." This groundbreaking work delves into societal attitudes surrounding punishment and rehabilitation, shedding light on how misguided approaches have contributed to the rise of crime and recidivism.

Additionally, he has authored the book "View from a Cage: From Convict to Crusader for Liberty," offering an intimate portrayal of his personal journey while exploring the philosophies that influenced his transformation.As you embark on your intellectual journey, join Michael Leibowitz as he advocates for reason, individualism, and the pursuit of self-interest, inspiring others to embrace a philosophy that empowers and uplifts the human spirit.

For a deeper exploration of his ideas and insights, don't miss the opportunity to read "Down the Rabbit Hole: How the Culture of Correction Encourages Crime," co-authored by Michael Leibowitz.

And also, delve into his book "View from a Cage: From Convict to Crusader for Liberty." Both books are available for purchase using the following links:

"Down the Rabbit Hole": https://www.amazon.com.au/Down-Rabbit-Hole-Corrections-Encourages/dp/197448064X

"View from a Cage": https://books2read.com/u/4jN6xj