You’re All Fired! (Part 3)

President Reagan famously said that the closest thing to eternal life on this earth is a government agency. Surely that aphorism applies to the Federal RESERVE. And most especially when you put a Trumpian ALL CAPS focus on the “reserve” part of its title.

That is to say, the purpose of the 1913 act had nothing to do with the Fed’s present day “goals” with respect to inflation, unemployment, economic growth, housing starts, business capex or any other aspect of the ebb and flow of commerce on main street. Instead, the Federal Reserve Act’s far more modest remit was to fix the badly flawed “reserve” arrangements of the national banking act that good old Abe Lincoln and his Treasury Secretary Salmon P. Chase had put into place to finance the civil war.