Illegal Gambling Mocks The Economics Profession’s Fed Obsession
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It's estimated that the net worth of the illegal gambling industry in the United States is $150 billion. It's pointless for politicians to try and legislate behavior, morality or both. What’s made “cheap” by law is instantly scarce, and what's enjoyable but illegal is eventually enjoyed underground.
The Federal Reserve is a legend in its own mind. The economists who work for the Fed are obsessed with it. The market for illegal substances has grown.
The Economics Profession's obsession with the Fed is ridiculous. The Fed projects its influence through a banking system that is already small and shrinking relative to total credit in the U.S. and illegal gambling and drugs. Major industries have sprouted up without Fed or central bank “easy money” and economists pretend the same can be true for them. The only thing the Federal Reserve can take away is credit. This can't be made up by global sources. It can only be used to rent access to the surplus from those with savings. There is no such thing as free money.
The Economics Profession's obsession with the Fed is a distraction from the reality that the economy is dynamic and credit sources will find you. The $150 billion illegal gambling industry in the U.S. is proof of this.
