Life with the Fed: Sunshine and Lollipops?

TomWoods cc

A great essay on why central banking creates the boom and bust cycle by Tom Woods, a favorite around here, and a friend of Against Crony Capitalism.

For those who do not know Tom, his book, Meltdown is an excellent (and non-technical) explanation of what happened economically in 2008. I highly recommend it.


We have heard the objection a thousand times: Why, before we had a Federal Reserve System the American economy endured a regular series of financial panics. Abolishing the Fed is an unthinkable, absurd suggestion, for without the wise custodianship of our central bankers we would be thrown back into a horrific financial maelstrom, deliverance from which should have made us grateful, not uppity.

Click here for the article.