I really cannot believe that I am arguing with a bunch of idiots who seriously believe that the Federal Reserve does not control and has not caused enormous growth of the money supply. No economist and no central banker claims otherwise, but you three twits do. Why? Are y’all really that ignorant or are you trying to swindle the rest of your reading public?
This becomes a critical distinction when a sect of men proposes to restrict essential economic liberties I have and want to keep, supposedly in the name of restraining a state agency that allows me that liberty. As though a gun controller were to say, this is ridiculous, everyone knows that the ATF controls American gun ownership, so it is being reckless if it doesn't confiscate all guns tomorrow.
Well no. I have freedom to engage in credit transactions, which the government somewhat restricts through the Fed. When you criticize the Fed for leaving me any liberty in the matter, and claim it is oppressing you by leaving me free, I have a legitimate objection. Particularly when you phrase your attack on their not removing my liberty to engage in credit transactions, as an attack in state interference in a supposedly free economy, as though you are the one speaking for liberty. You aren't. You want them to be more draconian in forbidding me to do things - and others I support, more than myself. That isn't championing my liberties. It is trying to enlist the state in a project to take them away by force.
Banks have increased the money supply. I freely patronize banks and I wholeheartedly support them as great engines of modern capitalism. The Fed has left them fairly free to go about their business, and I want them left fairly free to go about their business. You don't. Pretending everything they do is done by the government won't make it so, and is pretending.
I just borrowed some money and caused growth of the money supply. I didn't even clear it with the Fed. The only idiot here is named Andy. LOL!