The Federal Reserve was supposed to prevent recessions that people blamed on the lack of central banking. Not surprisingly, the post-Fed recessions have been worse.
Real deflation—both monetary inflation and price inflation—is necessary, and that can only be accomplished if the Fed can resist the temptation to keep doing what it's been doing since 2008.
Gary Galles explains that it is the virtue of the market that genuine experts rise to the top and a mark of politics that pseudoexperts rule what they know nothing about.
