In his Freeman column today, Sheldon Richman writes about the powers that Ben Bernanke now has, enabling the Fed not just to create money and credit, but to engage in its allocation. He quotes Professor Jeffrey Roger Hummel, who has been studying the Fed for a long time: “Central banking is the new central planning.”
This is another ominous development in a nation that is already horribly politicized — the power for bureaucrats in the Fed to allocate resources.
