5 sats \ 2 replies \ @mikhael 17 Aug 2022 \ parent \ on: Hundred Years of Failure, Time to End The Fed bitcoin
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.
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
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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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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