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Ron Paul: The biggest Federal Reserve scandal
By Ron Paul
Ron Paul Institute for Peace and Prosperity, Clute, Texas
Monday, September 27, 2021
Following revelations that Federal Reserve officials made trades in financial assets while the Fed was taking extraordinary efforts to "stimulate" the economy, Federal Reserve Chairman Jerome Powell ordered a review of the Fed's ethics rules.
While these trades appear problematic, they pale in comparison to the biggest Fed scandal -- the Fed's impoverishment of ordinary Americans, enrichment of the elites, and facilitation of government debt and deficits.
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The depression induced by coronavirus, though really caused by so-called public health actions government took in response, was the official reason for the Fed's increased asset purchases last year. However, the Fed actually started ramping up its money creating activities in September of 2019, when it began pouring billions a day into the repo markets, which banks use to make short-term loans to each other to keep repo market interest rates low.
Coronavirus was just a convenient excuse for the Fed to do more of what it was already doing. ...
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