As U.S. Federal Reserve officials gather this week in Jackson Hole, Wyoming to discuss "Inflation Dynamics and Monetary Policy" at their annual policy symposium, they will be met by members of the progressive Fed Up Coalition, who say the central bank "privileges the voices and needs of corporate elites rather than those of America's working families."
Agreed but as a boomer and should be retired but can't because for the last 20 years I've been unable to earn next to nothing on my retirement savings, losing money when invested in Wall Street gambling in 80's and again in 2000 and have stayed cleared except for funds in S&P but it is scary to have them there. The stock market is rigged and overvalued.
A dysfunctional model of capitalism, built on deregulation, privatisation and low wages, crashed and burned seven years ago. But the fallout from that crisis is still ricocheting around the world, from Europe to the “emerging economies”, as the attempt to refloat a broken model with cheap credit inflates asset bubbles and share buybacks – or enforce it with austerity – fuels new crises. Owners of capital are prepared to invest in anything except the productive economy.
"I'm Standing for a Moral Economy"
How is it in any way a "Moral Economy" to provide free money to Wall Street speculators to inflate asset bubbles (and rents), while vainly hoping some of that loot will eventually "trickle down" to Main Street level citizens?
Read Ellen Brown's suggestions, instead of trying to find a path to prosperity in the current bankster controlled Fed. Even Keynes was afraid that simply setting ultra low interest rates would largely bail out speculators ...
Greenspan a disciple of Ayn Rand and an ardent anti regulation who trusted the foxes to watch the hen house when even a child could see was a recipe for disaster. His stupidity whether deliberate or not has changed the American economy unlike anything since the great depression.
The name Federal Reserve is a misnomer because it is not Federal. It is a private banking cartel of the elite criminal banksters that has been screwing the American public every since it was surreptitiously passed by a corrupt Congress in 1913.
thank you FED UP! what recovery,indeed. more husinesses have failed in the last year than in decades. btw the Fed has been around unfortunately since ww1 making it a true "antique." this has NOT added to its "value".
Nonsense. This issue is about the middle class wanting more, without changing the philosophy or agenda that created extreme "inequality" (a.k.a., our poverty crisis) in the US. This has nothing whatsoever to do with a "moral economy," but with the lingering sense of entitlement of the middle class. Right now, we're watching as the rich do to the middle class what the middle class already did to the poor, and there's nothing we can do about it.
In the real world, not everyone can work (health, etc.) and there simply aren't jobs for all. The US shipped out a huge number of jobs since the 1980s, ended actual welfare in the 1990s, creating a significant surplus population for which the corporate state simply has no use. What is "economic justice" for our jobless poor, and many of the unemployable? No matter. The economic "activism" of today is the mere venting of a nervous bourgeoisie, and will change nothing.
Note that starting in the 1980s, our middle class embraced the Ayn Rand socioeconomic theory. Even liberal media today sounds like a promotion of the Thatcher/Reagan "free (from rules) market" system. Face it, liberal media have powerfully promoted middle class elitism for years, implicitly preaching that our corporate state is so successful, everyone is able to work and there are jobs for all (therefore no need for poverty relief programs). This defines the very heart of this generation's economic theory. indicating that there is no logical reason to expect the changes needed to save America's own butt. We have no power over the financial/banking system.
I bet Bernie Sanders would get a big boost if he announced intention to nationalize the Fed, create a public bank and impose a Wall Street Transaction Tax.
Ellen Brown would be a great running mate for Bernie
Bernie Sanders does campaign on a financial transaction tax to help fund tuition free public college.
I would like to see the Fed lend through the SS system rather than the member banks. This would dilute power from the few to almost every US citizen as if we were equal, and then from there into the real economy through the spending of the disabled and retired.
Thank you for this historical tid-bit that should precede every mention of the Federal Reserve and its self-serving actions taken on behalf of a minority of individuals who profit royally from its policies.
I have always insisted that 1913 was the year of the triumph of the Great Banker's Revolution. Two critical pieces of legislation were passed that made us all indentured servants in perpetuity of the elected and banking class: The Federal Reserve Act and the hastily passed 16th Amendment. The former privatized banking. The latter guaranteed that "we" (our Congress) could borrow near-infinite amounts from banksters and posterity would be stuck with the IOU...
please read: The Cold War and the Income Tax: A Protest by Edmund Wilson.
Sagacious reply. Nice to hear from an informed citizen.
Thanks. Don't know about sagacious. But since high school had it drilled into me to opine after I dug up and examined the facts. This process lent some credibility (not to mention saved me from embarrassment) to what I felt I had to say. No facts, no opinion.
Hard to believe that those lessons have been forgotten by so many...
Yet, even to this day, I get so many things wrong. The phenomenological brain, who knew?