April 20, 2016—Jacob Hornberger, president of the Future of Freedom Foundation, wants to end the Fed, because it facilitates political power that unfairly punishes marginalized groups for economic downturns caused by excess bank credit.
One of the issues that you hear absolutely nothing about in this year’s presidential race is that of abolishing the Fed, a position that garnered a lot of popularity and support when Ron Paul was calling for ending the Fed in the last two presidential races.
The reason you don’t hear anything about it this time around is because all of the presidential candidates, Republicans and Democrats alike, believe in the Federal Reserve. They support it. They support monetary central planning. They support monetary socialism, because that’s what the central bank is. It’s a socialist structure that operates in a top-down command and control fashion that plans the monetary decisions that affect hundreds of millions of people, just like central planning in the Soviet Union.
So, it shouldn’t surprise anyone when you’ve got all these crises and booms and busts and bubbles and bubbles bursting and a lot of suffering that comes with it. And make no mistake about it, it’s going to get worse.
You’ve got out of control spending, out of control debt, all of which is accommodated by the Federal Reserve. That’s its purpose, to enable politicians to spend to their hearts’ content. As one commentator put it, the 2008 bust was just a tremor before the coming earthquake, and mark my words. When the bust comes, and it’s gonna come, this cannot end well. They’re going to blame it on the Chinese, the Russians, the Saudis, the free enterprise, the illegal aliens, or some other popular scapegoat.
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