In this sharp column, Doug French points out that Federal Reserve policies that keep interest rates artificially low are doing damage to the nation that few can see — undermining the prudent impulse to save.
Hayek observed that the advance of the state slowly changes the character of the people, luring them away from self-reliance, industriousness, and far-sightedness, and into dependency, laziness, and living moment to moment. The Fed is helping bring that about in the US.
