<2> The Fed Isn’t Independent, It Never Was, And It Doesn’t Matter
<3> The Fallacy of Low Interest Rates
The Federal Reserve, often referred to as the Fed, has been a cornerstone of modern monetary policy. Its ability to set interest rates and print money has led many to believe that it holds an unparalleled level of independence. However, this notion is nothing more than a myth. The truth is that the Fed has always been subject to the whims of politicians and special interest groups.
<4> The Origins of the Fed
The Federal Reserve System was created in 1913, with the passage of the Federal Reserve Act. This act was signed into law by President Woodrow Wilson, who was heavily influenced by the banking and financial elite of the time. The Fed was created to stabilize the banking system and provide a lender of last resort during times of economic crisis. However, its true purpose was to serve the interests of the wealthy and powerful.
<5> The Fed’s True Purpose
The Fed’s primary goal is not to promote economic growth or stability, but to serve the interests of the wealthy and powerful. This is evident in the fact that the Fed’s policies have consistently benefited the rich at the expense of the poor. Low interest