The Fed is a racket at heart, a con game writ large — what else can you call an organization with the exclusive privilege of printing money in the trillions and handing it over to friends? But if this is true, what does that say about the state, the organization that created and sanctions it? Is the Fed an honest mistake in the state's otherwise undying efforts to preserve our liberty, or might it be a key component of a bigger racket, writes George F. Smith.

This audio Mises Daily is narrated by Floy Lilley.