Applying the 'Bedford Falls Rule' to the Federal Reserve

At heart, I’m a confederate. Rather than centralizing power in omnipotent institutions, I favor a confederation of smaller entities bound together by culture rather than coercive measures of conformity. Government, of course, is the most pernicious of these coercive institutions—but others exist as well, often spawned by government regulations and policy initiatives that benefit select groups.

Lord Acton famously stated, “Power tends to corrupt, and absolute power corrupts absolutely.” After the Battle of Britain, Churchill proclaimed, “Never in the field of human conflict was so much owed by so many to so few.” After the Covid era, it can be said: “Never in the course of human history have so few damaged so many.”

 

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