The idea that The Fed could make dollars that they can counterfeit “as good as gold” was always a fairy tale. The idea that the Fed would create a “stable” currency was always a fairy tale. The idea that the Fed could “run” the economy, or prevent recessions and depressions was always a fairy tale. The Fed destroys the economy and brings about depressions. All fairy tales must come to an end. But what will replace it?
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