As liberty activists, we draw from a great number of pro-liberty sources to create our own individualist philosophies. This exposure to different perspectives strengthens us intellectually and helps shape who we are.
In this interview, Slade Mendenhall questions Don Watkins, an analyst for the Ayn Rand Center for Individual Rights, about several issues, including the Fed, the financial collapse, entitlement programs and much more.
The Federal Reserve, remember, is in charge of the entire banking and monetary system, which was nationalized a century ago. That’s the lifeblood of the economy. Money is the thread that connects the entire economy, and when you mess with it, you can do incredible damage. In my judgment, that’s exactly what happened last decade to cause the financial crisis. The financial crisis is a complex subject, but as I and many others have argued, the first cause was then-Fed chairman Alan Greenspan’s decision in the early 2000s to drive interest rates extremely low–lower than even the rate of inflation. It was those low interest rates that enticed and enabled people to take on huge amounts of debt to buy and invest in homes. You could not have had a housing bubble without the Fed.
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