In The Theory of Money and Credit, Ludwig Mises made the case more than 100 years ago — before the Fed and ECB ever existed — that monetary interventions cannot create prosperity:
‘Attempts to carry out economic reforms from the monetary side can never amount to anything but an artificial stimulation of economic activity by an expansion of the circulation, and this, as must constantly be emphasized, must necessarily lead to crises and depression. Recurring economic crises are nothing but the consequence of attempts, despite all the teachings of experience and all the warnings of the economists, to stimulate economic activity by means of additional credit.’
The key words here are “as must constantly be emphasized.” It is incumbent on all of us to do everything in our power to make the case against central banking, one of the great evils of our time. We must make the case against the Fed loudly and repeatedly, even as the world is in thrall to it.
Source: Mises Daily | Mises Institute