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To know what is wrong with the Federal Reserve, one must first understand the nature of money. Money is like any other good in our economy that emerges from the market to satisfy the needs and wants of consumers. Its particular usefulness is that it helps facilitate indirect exchange, making it easier for us to buy and sell goods because there is a common way of measuring their value. Money is not a government phenomenon, and it need not and should not be managed by government. When central banks like the Fed manage money they are engaging in price fixing, which leads not to prosperity but to disaster....
Ron Paul is a good, if deceptive writer. the only thing that he had right in it, that the Fed in the Depression made it worse by tightening money. The Fed nowadays have done an excellent job of keeping the economy on keel and even lessening the recession this time around.
I would also add the Fed is not responsible for everything, I'll lay some of the blame on such people as Enron Bush, but he doesn't deserve all of it either.