There are many foundational myths surrounding our current managerial order.
One that sticks out like a sore thumb is how the Federal Reserve is supposedly an “independent” agency. For one, it was originally established by banking elites in the early 1910s with the aim of receiving privileged access to money. Politicians soon took advantage of this new monetary privilege by using it to finance their grandiose spending projects.
The creation of the Fed was one of the most significant legislative acts of the 20th century which helped facilitate an unprecedented growth in the size of the American state throughout that epoch and up until the present.
The number of elected officials who grasp the insidious nature of the Fed are few and far between.
On April 26, 2022, Kentucky Congressman Thomas Massie reminded Americans why he’s part of a select group of elected officials who knows the Fed inside and out.
Based on that knowledge he has acquired about the Fed, Massie has become one of its fiercest critics.
He tweeted, “The federal reserve isn’t an independent organization.
The federal reserve is a rogue organization.
It services and coordinates with private banks and the US Treasury Department every day, but it does not answer to those elected to represent the interests of common people.”
The federal reserve isn’t an independent organization.
The federal reserve is a rogue organization.
It services and coordinates with private banks and the US Treasury Department every day, but it does not answer to those elected to represent the interests of common people.
— Thomas Massie (@RepThomasMassie) April 26, 2022
US democracy is as hollow as it gets. In the era of the administrative state, bureaucrats and technocrats, not principled politicians and voters, are the ones who dictate where public policy goes.
The Fed is one institution that enables the expansion and consolidation of the administrative state. In many respects, it has become a government within a government. For well over a century, the Fed has debased the US dollar, deprived America’s working class of their savings, and has allowed politicians to grow the state to their heart’s content.
If there’s one entity that needs to be put on the chopping block, it’s the Fed.
To do that, we’re going to need at least several dozen Thomas Massie type representatives in office. Achieving that is much easier said than done.
