The role of monetary policy in restoring financial stability The Federal Reserve, as we have been reminded by many accounts on the occasion of its centennial, was created largely in response to what we would now call financial stability concerns, as specifically revealed by the Panic of 1907.
Those of you who believe that Governments should create jobs for all educated youth are sadly mistaken as it only burdens the Government budget with artificially inflated and unsustainable, wasteful expenditures and results in larger fiscal deficits. These deficits can only be financed through borrowing or printing currency.