Governor DeSantis recently took aim at the Federal Reserve, presumably to bolster his national-issues profile ahead of announcing a run for the presidency, which he is expected to do in May. He lambasted both Chairman Powell’s leadership and the nascent moves towards a central bank digital currency (CBDC). DeSantis apparently wants to demonstrate his populist bona fides. He may even be trying to recapture some of the energy of Ron Paul’s “End the Fed” campaign from more than a decade ago.

The usual suspects are accusing DeSantis of spreading “misinformation” about the Fed’s effectiveness and activities. But it’s they who are misinformed. The Fed truly is a basketcase. It has persistently failed to achieve its basic mandate and has strayed into policy areas far outside its legal authority and core competence. And the United States is worse off for it.