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The Federal Reserve Building, Washington

THE HUNDRED YEAR WAR OVER THE FED

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George Leef at Forbes keeps the battle going with “After A Century Of The Fed, It’s Time To Return To Constitutional Money“:

The Federal Reserve System recently turned 100, but it has presided over a century of folly, argues Professor Richard Timberlake in his magisterial 2013 book Constitutional Money (Cambridge University Press). Timberlake, professor emeritus at the University of Georgia, makes a compelling case that the U.S. made a terrible blunder in abandoning the gold standard in favor of a fiat monetary system under the control of a few supposed experts.

While the proponents of the Fed were certain that America needed a modern, “scientific” system to control money and credit, what we have learned is that the rule of experts, no matter how brilliant their credentials, is far inferior to the stability of a self-regulating market. We have replaced the rule of law – both constitutional and economic – with the rule of men; that is just as damaging with regard to money as with any other aspect of life.

Before starting his analysis of “the monetary constitution” Timberlake sets the stage with a brief discourse on the emergence of money, a market phenomenon, and the detrimental results that have always followed governmental tampering with it. Throughout history, rulers have debased the currency to enrich themselves and their political allies at the expense of productive people. It’s hard to find an instance where the state has not taken advantage of its control over money to aggrandize itself.

Read more: Forbes.com

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