The Political Orphanage But Gene Epstein Hates the Fed
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Jul 31, 2025 Gene Epstein, a former economics editor at Barron's and libertarian thinker, takes a hard look at the Federal Reserve's role in the economy. He critically assesses whether it truly achieves its goals, raising questions about its effectiveness since 1913. The conversation dives into the dangers of monetizing debt and government overreach, as well as the chilling influence of political figures like Trump on the Fed. Epstein also explores alternative monetary systems, including gold and cryptocurrencies, igniting debates on financial independence.
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Fed's Power Undermines Accountability
- The Federal Reserve enables the government to raise money by creating money out of thin air instead of taxing or borrowing.
- This power reduces government accountability and threatens democratic control over fiscal policy.
Fed's Stability Record Questioned
- Since the Fed's creation, economic instability has not improved and may have worsened.
- The Great Depression and recent recessions occurred under Fed oversight, questioning its efficacy for stabilization.
Fed Causes Boom and Bust Cycles
- The Fed artificially lowers interest rates, causing malinvestment and speculation.
- This monetary manipulation leads to economic bubbles that eventually burst as the Fed tightens money supply.
