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https://mailchi.mp/tomwoods/thefed?e=fa1aba8cd8

We have reason to celebrate, according to the Associated Press.

The Federal Reserve System is at its most diverse ever!

…So the problem with the Federal Reserve isn’t that it interferes with the market economy by manipulating interest rates. The problem isn’t that its interventions cause the business cycle. The problem isn’t its bailouts, or the moral hazard introduced by the very existence of a paper-money producer like the Fed (since major market actors know there is no physical constraint on money creation and therefore on the Fed’s ability to bail them out if it came to that, they behave more recklessly than they would otherwise).

No, the problem is that not enough female, black, and “openly gay” people have been participating in these awful things.

And now, problem solved!

Progressives sure are a cheap date.…

https://tomwoods.com/budgethomestead
Tom Woods