lemme me make this cool tik tok from this pov
The Federal Reserve Has Been A Disaster For America
https://www.zerohedge.com/political/federal-reserve-has-been-disaster-america
The Federal Reserve was actually created in order to save the big New York banks from their greed-driven mistakes, and that is the Fed’s principal activity. In recent decades the Fed has gone beyond merely saving the big banks from their mistakes to helping the big ones concentrate more banking into their hands. The Fed causes banking crises and then provides funds for the big banks to absorb the troubled regional banks. The Fed’s current policy of raising interest rates after a decade of negative interest rates has the entire banking system insolvent. This resulted in runs on the banks, which the Fed did not save by expanding reserves, instead permitting failure and acquisition. Obviously, what I had been trained to teach was false.
This is true of so much of what is taught in every subject.
This bit of history is only a prologue to my exposé of the Fed. The Federal Reserve has the sole responsibility for all inflation, depression, and recession since its creation. Until the Fed’s creation, the purchasing power of the US dollar was essentially constant over massive periods of time. Since the creation of the Federal Reserve (1913), today’s dollar is a small fraction of the value of a dollar in 1912. I recently published a menu from 1914, around the time when my parents were born, showing restaurant prices ranging from 10 to 25 cents. Today you cannot purchase anything for 10-25 cents.
Milton Friedman and Anna Swartz in their Monetary History of the United States proved conclusively that the Federal Reserve caused the Great Depression of the 1930s by allowing the money supply to contract.
So, it was the Fed that was responsible for the ability of President Franklin D. Rosevelt, a destroyer of American liberty, to use the Great Depression to coerce the US Supreme Court with threats of packing the court with his stooges and to force the US Congress to delegate legislative authority to new executive branch regulatory agencies. Previously under the US Constitution Congress wrote laws that also governed their implementation. But with Roosevelt’s new regulatory agencies, this power passed to the executive branch. Today Congress is nothing but an authorizing agency for the executive branch to make the law.