Peter Schiff: The Fed Destroyed Sound Money

On Tuesday’s episode of the Peter Schiff Show, Peter walks listeners through the Fed’s origin story and how the institution’s structure and mission has warped the U.S. monetary system. In the context of Kevin Warsh’s confirmation hearing for Fed Chairman, he explains why the Fed was designed as a private banking syndicate, how its notes undercut earlier, higher-quality currencies, and how the promise of an “elastic” money supply turned into endless expansion that props up government deficits and Wall Street at the public’s expense.