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'Noble purpose,' terror famine, and continuing influence of the 'greatest liar'

  By Toby Westerman at Renew America Red Famine, the latest book by Soviet/Russian expert Anne Applebaum, skillfully combines the hard facts ...

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Breaking: DOJ Turns Over 1.2 Million Documents Related to 2016 Election to House Intel Committee

 by Jim Hoft /The Gateway Pundit The Department of Justice turned over some of the 1.2 MILLION documents requested by lawmakers this ...

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Tech Totalitarians

"The federal government is no longer the main threat to your privacy and to your freedoms. Big corporations are." By Arnold ...

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Project Veritas Bombshell: Twitter Engineers Explain How They 'Shadow Ban' Conservatives

BY DEBRA HEINE /PJ Media No, you weren't being paranoid. Everything you ever suspected about Twitter censoring right-wing opinions through "shadow bans" is ...

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Uranium One Indictment Unsealed By DOJ

 TIM BROWN —  FreedomOutpost. On Friday, the Justice Department unsealed an 11-count indictment concerning the Uranium One scandal.  Sadly, it did not include former Secretary ...

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Right-to-Work Advocate Blames Unions’ Legal Threats for Loss

Kevin Mooney / @KevinMooneyDC / The Daily Signal  Union members dominate those watching the Sussex County Council hold a hearing on the right-to-work measure ...

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Number of High School Students Who Have Had Sex Drops

Tony Perkins / @tperkins /The Daily Signal Most young people support saving sex for marriage. Most of them don't like the idea of ...

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White House Doctor: President Trump in 'Excellent Health'

WILLIAM STEAKIN | IJR Nicholas Kamm /Getty Images Following his first physical exam since taking office, the White House physician pronounced President Donald Trump to ...

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The dangerous case of Bandy Lee: Examining the mental health of the mental health examiners

By Linda Goudsmit at Renew America The Democrats are desperate. They have been trying to derail, discredit, and destroy President ...

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Here’s the History of the 25th Amendment

Jarrett Stepman / @JarrettStepman /The Daily Signal Activists are calling for using the 25th Amendment to remove President Donald Trump from office. (Photo: ...

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DANGERS OF GOVERNMENT CONTROL

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Freedom’s Journal Institute

  • AUTHOR

    Walter E. Williams is a professor of economics at George Mason University. To find out more about Walter E. Williams and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate webpage at www.creators.com.

 

We are a nation of 325 million people. We have a bit of control over the behavior of our 535 elected representatives in Congress, the president, and the vice president. But there are seven unelected people who have life-and-death control over our economy and hence our lives — the seven governors of the Federal Reserve Board. The Federal Reserve Board controls our money supply. Its governors are appointed by the president and confirmed by the Senate and serve 14-year staggered terms. They have the power to cripple an economy, as they did during the late 1920s and early 1930s. Their inept monetary policy threw the economy into the Great Depression, during which real output in the United States fell nearly 30 percent and the unemployment rate soared as high as nearly 25 percent.

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