The Federal Reserve was established in 1914 ostensibly to for the good of the nation. Since 1914, the Federal Reserve has not made one accurate forecast. On every occasion when the Federal Reserve has initiated a program to help the economy, it has had the opposite effect.
Suppose a plane was designed and each test flight resulted in a crash. Who would want to ride in that plane? Not a soul would volunteer. Americans suffer issues with ignorance, character and general awareness. Members of the Federal Reserve are routinely treated with great reverence and very few people would dream of eliminating the institution. Federal Reserve policy caused the last disaster in 2008 and there is another one in the offing. Suffering will follow.
Who needs the Fed? Everyone who feels comforted by the fantasy of being protected from harm by a public institution.
Despite never having a successful initiative in over 100 years even the world’s most esteemed economists are completely impressed with what the Fed does and hang on every word that comes out the mouth of the chairman.
The way economics is taught, this is no surprise. In mainstream economics, people make individual choices and work is treated as a first choice. In the real world, people do not function as individuals. They belong to aggregations and the herd makes decisions collectively. Mainstream economists treat work as a first choice. Individuals are seen as chomping at the bit to get a job and be productive. Nothing could be further from the truth. In the real world, work is a second choice. An individual will only work once it is clear that there is no way to live off the efforts of others. Thinking is work so thinking is avoided if someone else will think for a person. Human beings are defined as freedom seekers. They have that potential but freedom is the only asset one is born with. Freedom is constantly bargained off in exchange for comfort. Economists, with the exception of a few of us cannot possibly be right because the entire discipline as it is taught is based of false assumptions.
Sweet Suzie’s Kool-Aid is one great Curbside Jimmy tune.