Wall Street speculators are reviled for supposedly profiting on others’ economic hardships. (Here is how speculation actually works). Oil prices go up, it’s speculators’ fault, and we need more controls. So you’d think if speculators were to wind up losing massive amounts on a market turn, the anti-market critics would feel that justice is finally being served. JP Morgan’s recent …
End the Fed! And Then What?
A sound monetary and banking system is the foundation of economic growth and industrial progress. Our central bank, the Federal Reserve, claims, by mandate, to maintain “stable prices” and “full employment.” Yet its record is one of chronic monetary instability. Because money is the essential link between all the diverse, coordinated sectors of our economy, this instability is the root of …