To buy the support of the nation’s academic economists, the FED pays millions of dollars in contracts. It hires economists to write papers that few people in the FED ever read. The FED hires thousands of economists for part-time projects. The FED understands this principle: “He who pays the piper calls the tune.” And: “If you take the king’s shilling, you do the king’s bidding.”
The FED never tells them what to conclude. But, strangely enough, they never conclude: “End the FED.”
This has gone on for 60 years. It has worked for 60 years. There are almost no critics of the FED in academia.
This is also why academic economists dismiss the gold standard as silly or even crazy.
The man who invented this system was John D. Rockefeller, Jr.’s lawyer. He ran the Rockefeller Foundation for almost 40 years. With strategically placed money, he bought the silence of liberal academia.
If you want to know how the anti-gold standard propaganda system works, read my report. Click the link.