Yeah, they balance inflation and unemployment. The idea of “sound money” is literal fools gold. We had currency backed by gold for thousands of years. There was a major recession every few years.
Every time some monarch coughed, there was a recession. If there was too much wheat, or not enough wheat: recession. The Federal Reserve has managed to save the economy during a literal world stopping pandemic. It’s part of the reason why people use the US Dollar as the reserve currency.
What were they supposed to do? At this point all it seems the fed is doing is aggressively demolishing the power of labour and arming the owner class with more financial control.
Spoken like someone who has loose understand of what they actually do.
Yeah, they balance inflation and unemployment. The idea of “sound money” is literal fools gold. We had currency backed by gold for thousands of years. There was a major recession every few years.
Every time some monarch coughed, there was a recession. If there was too much wheat, or not enough wheat: recession. The Federal Reserve has managed to save the economy during a literal world stopping pandemic. It’s part of the reason why people use the US Dollar as the reserve currency.
What were they supposed to do? At this point all it seems the fed is doing is aggressively demolishing the power of labour and arming the owner class with more financial control.