Comment by beaeglebeachh
1 year ago
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.