What would happen if the iPhone was priced differently? How does our market and economy rely on projections of interest rates?
In this podcast, Yaron Brook answers these questions and explains how allowing the government to determine interest rates, the single most important controlling factor of the economy, is detrimental to the national budget.
“The most important price in the entire economy is interest rates because every economic decision relies on some estimate, on some projection of interest rates,” explained Brook. “So, we take interest rates … and we let the government determine that through the Federal Reserve. We take money, maybe the most important product in the economy … and we give the government a monopoly over its distribution, over its creation and distribution. How ridiculous is that? We don’t believe in government monopolies — well, I guess we do.”