The United States Federal Reserve should be examined as an institution to see if it operates successfully, US Secretary of the Treasury Scott Bessent said on Monday.
Yeaaaahhhh… no. I don’t think “stability” is really an accurate descriptor of what the Fed has done.
Their “stability” consists of following policies explicitly and deliberately designed to generate an ongoing transfer of wealth up the economic ladder, and using slanted and incomplete indicators like GDP to create the illusion that their policies are of benefit to the country as a whole.
I mean… yes, it is “stability” of a form- it’s akin to the stability necessary to build a house of cards.
But that stability is revealed to be a fleeting and ultimately ephemeral thing when the house of cards comes crashing down, as this one most assuredly will.
That said though, I do agree that this is theater.
Stop trying to blame the failures of congress on the Fed. The Fed oversaw the greatest expansion of the middle class in US history, and has prevented all but one depression within the past century. Which is a hell of a lot better track record than previous century.
Yeaaaahhhh… no. I don’t think “stability” is really an accurate descriptor of what the Fed has done.
Their “stability” consists of following policies explicitly and deliberately designed to generate an ongoing transfer of wealth up the economic ladder, and using slanted and incomplete indicators like GDP to create the illusion that their policies are of benefit to the country as a whole.
I mean… yes, it is “stability” of a form- it’s akin to the stability necessary to build a house of cards.
But that stability is revealed to be a fleeting and ultimately ephemeral thing when the house of cards comes crashing down, as this one most assuredly will.
That said though, I do agree that this is theater.
Stop trying to blame the failures of congress on the Fed. The Fed oversaw the greatest expansion of the middle class in US history, and has prevented all but one depression within the past century. Which is a hell of a lot better track record than previous century.