So argues economics professor George Selgin, who has spent decades studying monetary systems. Read his argument in this Christian Science Monitor piece.
Perhaps our greatest blunder of all was in allowing the federal government to monopolize our monetary system. Under the Constitution, it was not supposed to. Sound money facilitates economic growth and inhibits the growth of government.
The conventional wisdom is that a modern economy needs “modern” monetary management by supposed experts like Greenspan and Bernanke. I’m delighted to see that pernicious belief coming under fire in publications like the CSM. The country would be far better off without the Fed.
