The issue of monetary policy is the missing arrow in the traditional conservative quiver, which otherwise assumes are markets ARE free. They are not, and it is plain that the malfunctions that leftists blame on “capitalism” are in fact brought on by the part of our system which is a relic of the age when Kings granted monopolies to the connected. That is all the Fed is: a monopoly on the power to control the trade in and creation of money.
Will is of course right in recognizing the power of the Fed. What he
apparently has not YET realized is that the Fed initiated the Great
Depression through conscious inflation and deflation of the currentcy.
Friedman showed this conclusively back in 1960. Further, though, it
seems to have caused the inflation of the 1970’s, which was related but
not ultimately caused by gas price increases. And in 2008, it
effectively declared all limits on its power to create and gift money to
whomever it wanted gone. It granted trillions to FOREIGN banks, which
we only know due to the miniscule auditing capability we do have.
Obama
can’t fire Bernanke, and Congress can’t tell him to quit printing
money. This is not a branch of government, but a monetary cartel run by
and for bankers, which pretends as needed to be good for the economy as
a whole, but which actually represents the REAL 1%, which is those able
to print and spend money first.
Inflation is theft. I deal with this topic at length here: http://www.goodnessmovement.com/Page23.html