Ryan McMaken writes in today’s Mises Daily:
I noted earlier that the Fed has fallen on hard times in terms of public opinion. That’s good in itself, but the Fed will remain in little real danger as long as the nature of the economy is not understood. This is where the Mises Institute is essential. If the Fed were to be eliminated under today’s ruling intellectual regime, it would surely just be replaced with another similar institution. The same applies to all other government agencies and institutions.
Politics and public dissatisfaction with institutions like the Fed or the U.S. government are not enough. People have mocked and made fun of today’s governments for decades, and many elections have come and gone, and yet there the Federal government is, in no danger of being downsized by popular demand.