by Jeremy Szafron
Kitco
(Kitco News) – As U.S. debt surpasses $35.9 trillion and long-term Treasury yields breach 5.1 percent for the first time since 2007, critics of the Federal Reserve are renewing calls for monetary reform. In an interview with Kitco News, Thomas DiLorenzo, president of the Mises Institute, called the Fed “legalized counterfeiting” and warned that America’s fiscal and monetary trajectory is “anti-constitutional” and dangerous.
“The Federal Reserve is legalized counterfeiting. If you and I did what the Fed does, we’d go to jail,” said DiLorenzo. “The entire system is based on monetary debasement. That’s what central banking is – it’s legalized fraud.”