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21 sats \ 5 replies \ @mikhael 17 Aug 2022
Lol the economy has skyrocketed in the last hundred years, I don’t think ‘failure’ is how I would describe the Fed. There were massive, nationwide depressions before the fed ever existed (try 1837, for example).
Many have gotten rich since the Fed has been around. That headline just sounds bitter.
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888 sats \ 4 replies \ @tomlaies 17 Aug 2022
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The FED in its current form only existed since the 70s. It is true that the economic advancements since the 1700s due to capitalism were amazing and made the first world fabulously wealthy compared to the human experience before. But 1700-1970 are not an achievement by the fed.
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You are right that economic advancements since the 70s - especially after 2008 were amazing. However, let me throw in that this is also due to technological breakthroughs. Maybe the middle class deserved a much bigger slice of this pie that we didn't get because our savings and salaries were diluted.
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Depressions before 1970 existed, you are right about that. But it also a question about growth vs resilience of an economy - maybe we wouldn't have grown as rich as we have in a hard money system - but maybe our economy would have also bee far more resilient and 2008 wouldn't have been half as bad.
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The headline sounds bitter. OP needs to calm down.
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5 sats \ 2 replies \ @mikhael 17 Aug 2022
Though for what it’s worth, wage stagnation and poor distribution of the economic returns isn’t really the Feds fault. Unfortunately, that is attributed to structural issues of inequality, the degradation of unions, the lack of employee held equity in companies (outside of tech startups and one off cooperatives here and there) and a historic, lopsided power dynamic in favor of the employer versus the employee.
The Fed can own it’s role in making the rich richer, and essentially removing the accountability of bankruptcy, creating too big to fail companies that now do whatever tf they want and expect a bailout. But that’s a limited role in the big issue, which is that employees have historically not been able to leverage the increase in productivity gains since the 70’s into wage growth or equity ownership. Instead, it’s been wage stagnation everywhere except finance and tech.
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0 sats \ 1 reply \ @tomlaies 17 Aug 2022
Sure, in the end its nobodys fault when everybody points the finger at someone else and in the end everybody agrees it was "the system". That's kinda true but also a lame excuse because nobody stood up and took responsibility. In the end that also leads to nobody making changes and wanting to improve this world.
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3 sats \ 0 replies \ @mikhael 17 Aug 2022
Well, I guess you have two options.
One, take the intellectually lazy and morally repugnant avenue of finding a scapegoat for all the problems. Which usually devolves into nationalist racism.
Or, two, man up and accept that the world is complicated and it’s problems are multi-faceted. They will require dynamic, multi-pronged solutions.
That’s theoretically why government is there for, to save capitalism from itself by regulating its excesses and… ahem, ‘encouraging’ bosses and owners of capital to be more generous with their frequently I’ll-gotten gains (whether it’s through providing legal protections to the right to unionize, guaranteed loans for higher education, the right to a free press to criticize and expose corrupt avatars of power, etc)
Alas, too many politicians and civilians (on both team red and blue) have taken the first option. We will need to invest in education and jobs training, though some people are beyond saving and have become too hateful to reach.
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5 sats \ 0 replies \ @mikhael 17 Aug 2022
Can’t disagree with anything you said 🙏🏼
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0 sats \ 0 replies \ @Wil 17 Aug 2022
The greatest wealth heist the world has ever seen
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