As an historian by training, I can think of no cartelization of any industry that has been more successfully concealed by academia. This is by far the largest, richest, and most successful cartel in American history. Yet there is almost no criticism of the system and its enforcement tool, the Federal Reserve System. Whatever mild technical quibbles the academic community has had with the FED, the central issue of central banking is never even mentioned, let alone refuted. What is the central issue? That all central banking is a government-licensed enforcement arrangement of a well-organized, well-funded cartel. As with all cartels, it operates at the expense of competitors who would otherwise offer better opportunities to the public.