Page 15 - 2024 Annual Report

As the Fed forces down interest rates to fuel more
monetary inflation, governments are able to borrow
more money at lower interest rates. Fed policy allows
elected officials to expand government budgets and
spending while minimizing the cost of maintaining
huge federal deficits. Without the Fed, the runaway
profligacy of the covid years would have never been
possible—nor would we have had the surge in
price inflation that followed. The government itself
is the primary beneficiary here. The organizations
that are on the receiving end of Washington’s
financial favors—bailed-out banks and government
contractors, for example—share in the windfall
brought by spending newly created inflationary
money.

The same cannot be said of ordinary people further
down the economic food chain, who experience rising
prices without the easy largesse of the government
class and its allies.
Contrary to the many myths propping it up, the
Federal Reserve has never been anything more
than a tool of wealth redistribution that fuels
economic inequality and government profligacy.
The Fed’s mission has never been founded on sound
economics. The Fed is beyond reform, and the time
has come to finally end the Fed.

Taking Back

Our Money

To receive your free copy
of our booklet Taking Back
Our Money, by Murray N. By Murray N. Rothbard
Rothbard, visit mises.org/wsj.

15 | 2024 ANNUAL REPORT