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One Hundred Years of the Federal Reserve

Two days before Christmas 1913, President Woodrow Wilson signed the Federal Reserve Act, creating America’s latest and current central bank, the Federal Reserve System. It’s a sobering thought that in the 100 years since the Fed’s creation, the dollar has lost 95 percent of its value. Had the Fed never been created, America would be dotted with Nickel Stores (other things being equal) instead of Dollar Stores. But that is just the beginning of the sad tale. The Fed was not America’s first...

Time to Withdraw from Export-Import Bank

You would think by now that Washington policymakers would have learned their lesson, and the last thing they’d do is reauthorize and increase the credit limit of another quasi-governmental lending agency that obligates American taxpayers behind every loan they make and facilitates crony capitalist corruption. But you’d be wrong. The Export-Import Bank (Ex-Im) was started by executive order in 1934 by President Franklin Roosevelt in order to facilitate loans to the Soviet Union. Today it offers...

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