The Federal Reserve’s place in American politics is the subject of a fierce debate among economists, the media, lawmakers, business executives, and political commentators who are trying to explain to the populace what function the central bank should play to ensure the highest standard of living for all.
The amount of government expenditure and the proportion of that spending that benefits the American people over that which benefits the elite class of politicians and their chosen allies are major factors in the divergent views on the mission of the Fed.
Consider the Woke Green New Deal. Conservatives understand that the Democrats abused the money we had to provide them, and that as a result, we are now having trouble covering our own expenses.
The Federal Reserve System is the United States of America’s central banking system, according to its biography. With the passage of the Federal Reserve Act on December 23, 1913, it was established in response to the need for centralized control of the monetary system to prevent financial crises following a string of financial panics.
Since the Fed’s inception, some have called for its “end,” but the arguments are more heated now because the Democrats have ruined so many people’s quality of life.
Fighting over money and opportunities to build wealth becomes a controversial topic since the economics that underpins the Fed’s policies is quite divided and has very different priorities for its supporters and adversaries.
The Washington Post reported on Thursday that “The Federal Reserve is hiking interest rates at the most forceful pace in decades and has made clear it is far from stopping,” indicating that the left’s messaging on the topic would be very different from what Steve Bannon, host of the War Room program, is laying out.
More information about the left’s viewpoint was provided by WaPo.
“Inflation stayed high but showed signs of slowing in October, as families and businesses continued to face rising costs for basics such as food and rent — and as the Federal Reserve ramped up its efforts to lower consumer prices, even at the risk of forcing a recession.”
More on this story via The Republic Brief:
Prices rose 7.7 percent in October compared with the year before, and 0.4 percent over September, the same rate as the previous month, according to data released Thursday morning by the Bureau of Labor Statistics. That’s far above normal levels, but it was lower than analysts had expected. So the report brought some hope that the soaring cost of living may be easing. Officials at the Fed have made clear that they need to see months of encouraging data to get a sense of how the economy is evolving. The latest data may mark a shift, but they’ll want to see it continue.
“This was good news, but I wouldn’t dramatically change my view of the world based on one data point. We’ve had false dawns before,” said Jason Furman, an economist at Harvard University who was a top economic adviser to President Barack Obama. “One should feel better about inflation today than one felt yesterday. Just not much better.”
Bannon, a former investment banker at Goldman Sachs and a Populist economist, wants the Federal Reserve shut down, because he sees the institution as a cause of great problems for the working class, who he wants to champion. CONTINUE READING…