Life without the Fed: The Suffolk System
Life without the Fed: The Suffolk System TAGS Free Markets Money and Banks U.S. History 01/05/2011 C.J. Maloney Suppose for a moment that Republican Congressman Ron Paul's fondest wish came true, and the Federal Reserve Bank was not only audited but closed down. As far-fetched as such a notion may seem, it would not be the first time in our nation's history that a central bank has been shuttered. For all the Fed's imposing grandeur, Ben Bernanke is running our third (albeit longest-running) try at a central bank. This country has lived without a central bank before and, if given the chance, could do so again. Most every American (led by Paul Krugman), though, would be horrified at the thought. There are certain functions that, due to their nature, many would argue can only be provided by the political authorities — police and fire protection are the prime examples that come to mind. To the majority of modern men, central banking is without any doubt