Tuesday, December 23, 2008

On this day, December 23

Most Fed students are aware of the significance of this day. As one of many government Days of Infamy, December 23 ranks at or near the top because on this day in 1913 Woodrow Wilson signed the Federal Reserve Act into law. It's always interesting how quietly this day passes in the MSM. Wikipedia mentions it as worthy of note in their "On this day" page for December 23, but readers in 2008 will not see it listed on Wikipedia's main page. It does list the December 23, 1972 earthquake in Nicaragua that killed over 10,000 people, but the birth of the Fed, which has funded millions of deaths by making war easy to finance, while reducing the value of the dollar to roughly five cents since its inception, is just another event. It reminds me of Bastiat's famous Broken Window Fallacy, in the significance given to "what is seen over what is not seen."

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