What the Federal Reserve does has nothing to do with inflation. The central bank is not the source of the hyperinflation that Mises disciples (this is a shame simply because Mises himself was brilliant) imagine it to be, nor is the Fed the sober inflation fighter as neo-Keynesians and supply-siders imagine. It’s just the Fed, yet another bureaucracy in search of a purpose…
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John Tamny is Founder and President of the Parkview Institute, editor of RealClearMarkets, senior fellow at the Market Institute, and Senior Economic Adviser to mutual fund firm Applied Finance Group. Tamny is the author of eight books. His latest is The Deficit Delusion: Why Everything Left, Right and Supply-Side Tell You About the National Debt Is Wrong. His others are Bringing Adam Smith Into the American Home: A Case Against Home Ownership, The Money Confusion, When Politicians Panicked: The New Coronavirus, Expert Opinion, and a Tragic Lapse of Reason, Popular Economics, Who Needs the Fed?, The End of Work, and They're Both Wrong: A Policy Guide for America's Frustrated Independent Thinkers.
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