The Founding of the Federal Reserve

Lew, following up on your comment, Murray Rothbard points out here that when, say, the government puts a tariff on steel, everyone pretty much understands that the steel industry by and large supports and probably lobbied for it, and that it’s obviously not being done out of a disinterested commitment to the common good. But as soon as you suggest that regulations, wars, the Fed, etc., might be similarly motivated, you’ve committed thoughtcrime.

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10:13 am on May 13, 2009