And improving education was the rationale for the Dept. of Education, and preventing hunger was the rationale for creating Foodstamps, promoting home-ownership was the rationale for the CRA, Fannie and Freddie, and protecting Americans was the rationale for porno-scans at the airport and creation of DHS. What's your point exactly?
They are all just massive, failed, hugely corrupted institutions of the Progressive desire to herd the population, while insiders loot money through the back-door. And the FED is the first among all, because you can't run a Progressive-state without a fiat currency and politicized interest rates.
“And the FED is the first among all, because you can’t run a Progressive-state without a fiat currency and politicized interest rates.”
Good try. Too bad for that fiat currency theory that we operated on the gold standard until 1933 and on an international gold exchange standard until 1971.
We did have fiat money though. The entire US Note currency issue that began as Lincoln’s Greenbacks and carried through until 1963. Of course they preceded the Fed by nearly 50 years. And there is what was known as ‘bank money’, credit created by banks using fractional reserves but that sort of fiat money has existed as long as banks have been around.
Interest rates were limited by the gold standard until the end of Breton Woods in 1971. It became much easier to politicize them afterwards. It was Nixon and other politicians who made that change nearly 60 years after the creation of the Fed so it has nothing at all to do with why the Fed was organized.
“What’s your point exactly? “
It was in my previous post. The Fed legislation codified what JP Morgan and clearinghouse associations already were doing particularly during panics.