Fed at the root

"The FED’s Unsound Theories" by Michael S. Rozeff:

The FED’s focus on the quantity of credit ignores the quality of credit. We have seen that a vast increase in the quantity leads to a lowering of credit standards. With credit widely available and a boom expected to continue, the quality of credit declines. We then observe the system accumulating loans that fail when the boom slows down or reverses. Again, the FED promotes instability.

Economics students are routinely taught that central banks are a good thing or that they are the highest stage to which banking has now evolved. This is a presumption offered without proof. There is no proof that I know of that central banks are a good thing. The FED offers none. This article presents a few of my reasons why the FED is a bad thing.