The Fed: America’s Boom & Bust Machine

Here’s Mises Institute President Tom DiLorenzo with his latest article in the April 2024 edition of The New American:

The Fed employs an army of academics who essentially serve as its publicists and propagandists. Professor Lawrence H. White published a 2005 article at Econ Journal Watch, an online academic journal, in which he noted that the Fed directly employed 495 full-time economists at the time, engaged 120 “leading academic economists” as paid consultants or visiting scholars, and brought more than 300 academic economists to its conferences each year. (Economist Murray N. Rothbard once quipped that your average academic monetary economist “would stab his mother to death with a fork for an invitation to a Fed conference”!)

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