U.S. Collective Dictatorship Enlarges

Dictatorship is unlimited rule. Collective dictatorship is unlimited rule by an assembly.

In the U.S., the Fed has no statutory limits on its finance! It is openly financing whatever institutions it pleases. In particular, the Fed is directly financing the government’s Troubled Assets Relief Program with $440 billion. It has extended $56 billion to AIG company, another $298 billion for the commercial paper of various companies, and $407 billion to banks using its own holdings of Treasury securities. The critics of these loans are vastly outnumbered by those applauding the Fed’s inflation as the means of saving America. The sycophants eagerly await the Fed’s next moves.

Government intrusions into the free market bodes ill for freedom.