A very rich man named Howard Marks says that the US has not had a free market, which is when people can buy and sell things without too much interference, for a long time. He thinks this is because of a group called the Federal Reserve, who try to control how much money is in the economy by making it easier or harder to borrow money. He believes that too much easy money can cause problems, like making people spend too much and create bubbles where things are worth more than they should be. Read from source...

- Marks argues that the US has not had a free market since the 90s due to the Fed's intervention, but he does not provide any clear definition of what constitutes a free market or how it would function differently under different monetary policies. His claim is based on a subjective view of how the economy should be run, rather than an objective analysis of the effects of monetary policy on economic outcomes.
- Marks warns that easy money corrupts and leads to inflation, but he does not acknowledge the possibility that low interest rates could also have positive effects, such as stimulating growth, lowering borrowing costs, and reducing financial stress for households and businesses. He ignores the trade-offs and nuances of monetary policy and presents a simplistic and one-sided view of its impact on the economy.
- Marks cites Lord Acton's law as a justification for his stance, but he does not explain how it applies to the current situation or what evidence he has to support his claim that easy money is corrupting absolutely. He uses a vague and quotation out of context to make his argument more persuasive, without providing any substantiation or reasoning behind it.
- Marks quotes Charlie Munger as an authority on investing, but he does not mention any specific insights or strategies that Munger has offered on the topic of monetary policy or markets. He uses Munger's name and reputation to lend credibility to his own opinions, without demonstrating how they are consistent with Munger's principles or philosophy.