FYI. Good article…I posted the concluding paragraphs, but the walk down history lane is good info too.
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Contempt and Elitism Brought Us the Fed and QE
Enlightened statesmen will not always be at the helm, and are in fact extremely rare specimens, so the only compatible ideal for lasting republican government is to limit authority and reach. People may be unsophisticated, but they do have a sense of their own good and a far more intuitive grasp of economic and monetary affairs than the convoluted nonsense that passes for policy. QE as a psychology experiment used to fool the American people in active repression fits right in with the founding principles of the agency.
As the centennial approaches for the Federal Reserve Act, commentary, and especially critique, will recognize its history and ultimate embrace of inflation and dollar erosion. There will be reference to panics past and present, and underperformance as the agency accumulated more and more powers, whether it earned them or not. And there may even be recognition that economic elitism has fused, as bankers and government overseers are now largely the same, or at least cut from the same ideological cloth.
These are all symptoms of the contempt for common Americans that has survived in nearly every iteration and configuration throughout the Federal Reserve's tortured history, due to elitism from both Republicans and Democrats. It is the Progressive stamp on monetary affairs aided by this governing appeal, that it is much easier to control the levers of power when actual freedom is messy and uneven. Tucked away, far from the common reach, utopia is very easy said, and never done, same as it has been since 1913.
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