The Fed's low-interest policy not only encourages spending and borrowing, it discourages the one thing that best helps people raise themselves into higher economic classes — saving.

The new puritans have been highly successful. All of the preconditions for new prohibitions on alcohol and tobacco are in place. ... Indeed, the future agenda of the federal government has already been established to outlaw alcohol and tobacco in the near future. ... If current trends persist, America will be moving toward stricter prohibitions, greater restrictions, and more centralized control over consumption. This represents an erosion of liberty at its most fundamental level.

Government can screw up just about everything. Given enough power and time it will screw up everything.

The Fed's low-interest policy not only encourages spending and borrowing, it discourages the one thing that best helps people raise themselves into higher economic classes — saving.