The great irony of the Fed is that the institution created to prevent booms and busts has spent a century creating them.

It ineffectively manages the money supply, reacts too late, and then overcorrects, taking measures that make the cycle even more tumultuous than it originally was.

Its own actions create inflation, it refuses to take responsibility for the consequences, and it wields enormous power while bearing almost no accountability for it.

Its decisions often follow politics rather than principles, and when reality does not align with its models, it simply invents new models.

For an agency tasked with stabilizing the economy, its most consistent achievement has been to demonstrate how unstable it can make a situation when no one can tell it "no."