This is an informative video on the role, history, and problems of the Federal Reserve and central banks in general. The Cato Institute’s Dan Mitchell makes the case that the Federal Reserve has a dismal track record and bears significant responsibility for almost every major economic upheaval of the past 100 years, including the Great Depression, Seventies stagflation, and the recent financial crisis. And yet it always seems to get more powerful over time.
This is the first of a series in which Mitchell will look at the different alternatives to a central banking system, such as a gold standard, free banking, or monetary-rule-based banking.