Comment by tadfisher
1 year ago
We established the Fed (and later, the FDIC) because people were sick and tired of bankers controlling monetary policy and wiping out their life savings. How the Fed turned into the ancap Boogeyman is the real destructive force in our society.
> We established the Fed (and later, the FDIC) because people were sick and tired of bankers controlling monetary policy and wiping out their life savings
The Great Depression, the savings and loan crisis, and the GFC all happened after the establishment of the Federal Reserve. Sure, I guess you could claim that all of those would have been worse without the Fed, but reasonable minds can differ on that without being an "ancap".
Your examples would be better if they weren't all securities bubbles.
And not long after we got the great depression, and more recently the destruction of the housing market by pinning interest rates near zero bidding property into infinity and then jacking rates up to disenfranchise the youth while everyone else sits on negative real rates mortgages for 30 years that they'll only give up for a kings ransom.
The only thing worse than a bunch private bankers controlling monetary policy, is a central bank controlling monetary policy.
Interest rates, inflation. Pick one. I'd rather the Fed print the money than banking execs with no oversight; the banking execs would prefer the highest interest rate the market will bear, and the Fed has every incentive to keep them as low.
"We" didn't establish anything. An elite few met at The Meeting at Jekyll Island to discuss the matter and the public had zero say in it. Just like we continue to have no say in government today. Bills are rammed through congress and the president's desk and they just rubber stamp everything put out by the deep state or they risk getting CP'd by the intelligence apparatus. The main group of opposition to the Fed was 9/11'd in the sinking of the "unsinkable" Titanic because internal defenses against sinking were deliberately sabotaged just like the power went out for "maintenance" in the Twin Towers for 24 hours before 9/11 when anybody was allowed in to go anywhere inside whereas the building security was tightly controlled since the day it opened without fail up to that point.
I'll, uhh, let your comment speak for itself. Good luck in your future endeavors.