Recently, Janet Yellen, the Federal Reserve Chairwoman, testified to the House Financial Services Committee. In the process, she made some minor headlines by quibbling with Republicans on the Fed’s performance.
Without a doubt, many of my fellow classical liberals greeted these headlines with disdain over the fact that the Federal Reserve exists at all. And I don’t blame them. The reasoning behind the “end the fed” movement is well founded.
But I believe ending the fed would be a misguided policy given our current situation. Continue reading “The Federal Reserve is a Necessary Evil”