WTF Rockefeller funded Mises?

[ClaytonB]

I guess the things I wonder about are:

1.) To what degree is the Fed really earnestly attempting to fulfull their stated mission of monetary stability?

There is no earnest attempt. Even if there were, we understand that “monetary stability” is meaningless.

Do they just think the crash was a “mistake” they made managing the money supply, or a miscalculation while playing interest-rate brinkmanship? If they’re really just dumb Keynesians, then I would certainly agree that it could not have been “engineered”.

The rank-and-file economists and mid-level managers who comprise the intellectual bodyguard of the Fed are Keynesian true believers. But the folks at the top understand exactly what it’s all about.

2.) But if that’s not the case, if the Fed is actually being purposefully used as the fraudulent inflationary tool we know it in fact is, whose directives is it serving?

The Federal Reserve’s?

Is it mostly directed by politicians who enjoy being able to spend unlimited funds, and are buoyed by the populist euphoria of the masses who mistake the artificial credit boom for real prosperity? Or does it actually do the bidding of a smaller, less-known, behind-the-scenes business elite that systematically directs its actions to gain further wealth and influence?

Well, the central bankers are a small, less well-known, behind-the-scenes business elite that systematically direct their actions to gain further wealth and influence. Central bankers are one variety of rent-seekers but there are many other specialties within the broader category. Rent-seeking has become so pervasive in Western culture that there is an element of rent-seeking to almost any economic activity. This is why many (all?) major corporations belong to a lobby. You can’t afford not to lobby for political privileges - your competition certainly will.

Clayton -