One thing that makes Salt Lake City an interesting place is its central location. Because of where it is located, it frequently becomes a hub for many large organizations. Adobe, Wells Fargo, Goldman Sachs, Ebay, and many other companies have offices here on the Wasatch Front. Another entity with an office is the US Federal Reserve.
The intrepid members of YAL at LDSBC, ever taking advantage of opportunities around them, descended into the belly of the beast. In the last week of September, over 20 students met at the Federal Reserve branch in Salt Lake to see what goes on there. The tour was nice, the guide gracious, and the information interesting.
While we were shown around and told about the Fed’s many responsibilities and duties, we asked a lot of questions. None of them were outwardly antagonistic, but they were still enlightening. In addition to showing us the shredding of fake and worn out currency, the map of all the branches, and the safe with easily over $150 million in cash, many members saw the underlying problems with the Fed.
While a tour is nice, the truth is not. When asked about hyperinflation, the guide (who admittedly only deals with physical cash and coin) left things obscure, stating that it simply couldn’t happen or that Congress would have to approve it. We saw just how centralized all of the power in our monetary system is, from cash flow to interest rates. While students walked away with a good impression of the staff we met, many had their doubts.
Just a week later, we sat down for a discussion on the Fed. We talked about what there was before the Fed, and how we could feasibly replace it. Good discussion was had, and even the YAL veterans learned a lot. In the end, that is what we want to do at LDS Business College. We want to leave everyone who walks into our chapter to learn about liberty and how to preserve it, and to spread it wherever they go.Published in