The Federal Reserve Has Been a Disaster for America

Paul Craig Roberts- The Federal Reserve in the past and currently fights inflation by fighting employment and by reducing output.

Like all indoctrinated economics PhDs, I used to teach students that the Federal Reserve was created as a central bank in order to provide cash to banks experiencing a run on deposits so that bank failures would not become general and collapse the money supply and, thereby, employment and output.  It all sounds so reasonable and rational until you realize that finance least of all is idealistic.

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https://thealtworld.com/paul_craig_roberts/the-federal-reserve-has-been-a-disaster-for-america