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Why Americans Don’t Trust the Fed
The Wall Street Journal (online registration required): Antipathy to the central bank is a uniquely American tradition. No federal agency, except the Internal Revenue Service, is held in lower regard than the Federal Reserve, according to public opinion surveys. The left accuses the Fed of being too cozy with banks; the right says it is planting the seeds of a massive inflation.
Last month, Sen. Rand Paul took direct aim at the Fed’s mission in a Journal op-ed rejecting the “master fallacy” that “a handful of experts in Washington should be setting the price of borrowing money.” Such sentiments could have been uttered more or less anytime throughout the life of the republic.
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