Operation Twist-the-Truth: How the Federal Reserve Misrepresents Its History and Performance

Author
George Selgin
Content Type
Journal Article
Journal
The Cato Journal
Volume
34
Issue Number
2
Publication Date
Spring/Summer 2014
Institution
The Cato Institute
Abstract
For a private-sector firm, success can mean only one thing: that the firm has turned a profit. No such firm can hope to succeed, or even to survive, merely by declaring that it has been profitable. A government agency, on the other hand, can succeed in either of two ways. It can actually accomplish its mission. Or it can simply declare that it has done so, and get the public to believe it.
Topic
Government
Political Geography
United States