The Federal Reserve’s fake science is destroying the economy

Rogue Economics/Bill Bonner

“Economics is no real science. It is mostly quackery mixed with flimflam. … [W]hile the U.S. dollar of 1913 (when the Fed was created) was just as good as the dollar of 1791 (when the dollar was created), the dollar of 2020 is worth, relatively, only about 3 cents! Why? Because in a crisis, the temptation to ‘print’ more money is always irresistible. The Fed’s balance sheet – a measure of how much printing is going on – was only 6% of U.S. GDP in 2008. By the end of 2021, it will likely be near 50%. Where’s the science behind that?”

USAGOLD note: Bonner offers an entertaining two-part read …… Part two is linked above.  Here is the link to part one.

Repost from 12-10-2020

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