Richard Rahn writes here about the Fed’s miserable record on both price stability (since its beginning, the Fed has managed to cause the dollar to lose about 95% of its purchasing power) and economic stability (we have had repeated boom and bust cycles). So what good is it? What it’s “good” for is enabling the federal government to spend vast amounts of money without having to levy the necessary tax increases. It’s “good” for the political fakery of conferring immediate and visible benefits on a few at the expense of long-run, hidden costs on everyone else.

I say it’s a bad deal and let’s get out of it.