Here's How To Fix the Federal Reserve

There is a growing consensus that the Federal Reserve is broken - because it is. The Fed was established to provide price stability and prevent periodic banking crises. It has accomplished neither. The wholesale price level in the United States was at almost the same level when the Fed was established in 1913 as it was in 1793, 120 years earlier. Now it takes about 22 dollars to equal the 1913 dollar. . .