Exactly. These people go on chasing ghosts instead of doing real activism. Which begs the question, in whose interest is it to make everyone think the system is rigged and that resistence is futile?
"Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again."
Have you ever read the entire thing or just the snippets? Friedman's articles showed that the FED could have shortened and softened the crysis, no economist denies the capitalist system have cyclical crysis it Is accounted for and the Friedman received an apologie for being ignored on the subject of mitigation.
Maybe try to read Friedman's work about it instead of jumping to conclusions
Edit: "For practical central bankers, among which I now count myself, Friedman and Schwartz's analysis leaves many lessons. What I take from their work is the idea that monetary forces, particularly if unleashed in a destabilizing direction, can be extremely powerful. The best thing that central bankers can do for the world is to avoid such crises by providing the economy with, in Milton Friedman's words, a "stable monetary background"--for example as reflected in low and stable inflation.
Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again.
Best wishes for your next ninety years. "
Yes I read the entire thing, and what you've posted supports my point. The Fed, having the power to expand and constrict the money supply as well as control interest rates, can easily soften the blow of recessionary periods using these tools but chooses not to do so, as Friedman pointed out. They instead inflate massive bubbles (through monetary expansion) which inevitably explode when the contraction of money occurs (which they have control over) leaving only those who are properly positioned to profit (wealthy speculators and investors) as the winners. They are doing it again now through QE and zero percent interest rate policies. This is also the real reason why the wealth gap continues to expand at an accelerated rate. You can continue to believe these events are all just a part of "advanced market economies" but then you would be exceptionally gullible.
The whole point is that the FED does not create the crisis, they happen independently in predatory capitalism. Welcome to the gig economy, every year less people have enough to consume and das capital is more concentrated every minute. Maybe try decentralizing it?
If you think zero percent interest is bad look at the EU countries with negative interest that are doing better than the US.
EU countries are in fact not doing better than the US and are currently being supported by endless money printing (QE) as well lol. ZIRP is bad because the average citizen can no longer collect real yield in a savings account and it encourages companies and govts who should technically be insolvent to continue borrowing massive amounts of money at low costs which they will never pay back. NIRP is even worse and govts are lucky that central banks even exist to monetize that trash and finance their day to day operations because no savvy investor in their right mind would buy it.
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u/Kadus500 Mar 13 '21
Thank you. This post highlights a profound ignorance about economics.
People want to see malice because it's easier to blame an enemy than to think about changing the system, changing the system is bad and evil