A superb post by James A. Dorn of Cato Institute. In Dec 13, Fed celebrates its 100th anniversary. Fed celebrates its 100th anniversary in Dec-13 and the post reflects on both Fed’s history and future:
This year marks the 100th anniversary of the Federal Reserve System. There will be many events commemorating the signing of the Federal Reserve Act in December 1913. Many of those events will be occasions for celebrations by Fed officials and staff, but should the public celebrate a century of central banking?
At the annual meeting of the American Economic Association in San Diego earlier this month, Harvard economist Kenneth Rogoff told a large audience that the Fed has been a “remarkably successful institution.” During Q & A, Mark Skousen, author of The Making of Modern Economics, asked why the Fed failed to predict the financial crisis and the Great Recession—but Rogoff failed to answer. Later in…
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Utopia, you are standing in it! 
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