God, The Fed, And The Constitution

I was in discussion yesterday with a seemingly intelligent scientist type, who proclaimed that our present economic system is capitalist because it allows a private party(The Federal Reserve) to create money and loan it to other people at a profit.

I pointed out to him that this was certainly a basic definition of capitalism for private businesses, but the essence of capitalism is that there is free competition among all businesses, and if a monopoly is achieved, it is achieved by the one that provides the best, most efficient service at the most economical prices. This means there should be more than the Federal Reserve Bank.

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