The Central Intelligence Agency (CIA) just released reports to the United States public detailing its enhanced interrogation techniques, otherwise known as torture.

The report details actions by a number of CIA officials, including the torture of prisoners and providing misleading or false information about CIA programs to government officials and the media. The report concludes that torturing prisoners did not help acquire actionable intelligence or gain cooperation from detainees.

At least 22% of the prisoners held by the CIA were improperly detained, many of them also experiencing torture. There were also two contractors that received $81 million for developing the enhanced interrogation techniques. The entire program cost over $300 million in non-personnel costs.

In the end, over $300 million was spent on torturing at least 119 people and 26 of them weren’t supposed to be there. Not to mention that no actionable intelligence was produced by torturing these individuals.

Not only was this a clear failure by the CIA, but it cost the citizens of the United States over $300,000,0000, or $2.5 million per person who was tortured. So who is to blame? The agents who did the torturing? The CIA administration who allowed the torturing? The politicians in power at the time? Of course they are all responsible to some degree or another, and I’m sure many politicians and faux-journalists will be pointing fingers. However one of the biggest culprits will, as usual, get away without a scratch, and that would be the Federal Reserve System.

I doubt that anyone at the Federal Reserve (Fed) did any torturing. Perhaps many of their employees are even opposed to the idea. However their system facilitates reckless spending and the development of these types of programs that produce nothing but heartache and waste. The Federal Reserve does this by controlling the money supply of the United States dollar.

The money supply can do three things. It can remain the same, increase, or decrease. For some reason, the dollar has lost almost 98% of its value over the last 100 years, or since the formation of the Fed in 1913. During that same time, the money supply has been growing, growing, growing. Many mainstream economists shrug this off as “normal,” citing 2-3% inflation per year or fail to talk about this entirely. To this day, I still don’t understand how they can ignore or explain away the complete loss in value of the dollar over the last 100 years.

The reality is that the Federal Reserve has been mostly expanding the money supply since its inception. It expands the money supply by keeping interest rates low and the money printers on. By printing paper money, the US government must offset that with debt. The Federal Reserve allows for the US government to accumulate massive amounts of debt, a whole $18 trillion worth (in 2014) with no accountability. The standard of living of all current holders of US Dollars is reduced when the Fed prints more dollars. If you own US Dollars, then you become poorer when the Fed prints more and injects it into the economy. What’s worse, is that these printed dollars are spent and wasted on programs that provide no value to anyone.

For the United States government to spend $300 million on a torture program that doesn’t work, it must first raise the money by issuing debt. When it issues debt, money can be printed to offset that debt. Since the money supply is expanding and the dollar is devaluing, that debt will be worth less in the future. This gives the US Government an incentive to continue borrowing more and creating more useless programs.

If the Fed wasn’t able to control the money supply, then the US Government wouldn’t be able to spend trillions on wasteful programs. It would have to rely more on its tax intake, in other words, will have to answer to the American public for any of its expenditures. Right now it prints money out of thin air and spends it on whatever it feels like without any accountability. Will the actions taken by Fed result in a free and prosperous world? I don’t think so.

-Stephen Macaskill, CEO of AmagiMetals.com