Buried in the Dallas Fed’s denouncement of Too Big To Fail is a simple argument for the Federal Reserve.
Before the creation of the Fed, America used to spend 48 per cent of the time in recession.
Since then, America has spent only 21 per cent of the time in recession.
There’s converse problem when the central bank is too aggressive, promoting bubbles and leading to crashes, but that’s a matter of policy, not voting for Ron Paul and ending the Fed.
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