The latest and most astounding effort by the government economic planning crowd to pin the blame for the economic cataclysm on the free market is the argument that the Federal Reserve was led astray by “libertarian” thinking. This is damned close to other monstrous and malicious historical lies, such as that Germany’s defeat in World War I was because of the Jews. Power-hungry rulers need a populace that focuses its anger on scapegoats and the Washington establishment wants people to believe that our troubles are the result of too little government control.

Economics professor Thomas DiLorenzo dismembers the idiotic notion here.