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Eat the rich!
Eat the Fed!
Huh?
I mean if you're gonna criticize the whole capitalist system sure. Within the confines of the current system and the inflation problem though they did a pretty good job. Not like there's a good model of "how to deal with rapid inflation as economies reboot after a global pandemic" to follow. In hindsight maybe they should have started to raise interest rates sooner. But we were just starting a huge recovery and still trying to get everyone employed again. Even after inflation was starting the fear was raising interest rates would have to plunge the whole economy into recession and cause mass unemployment before inflation would get under control. It's kind of remarkable that this was avoided.
Just look what happened in the 1970s and 1980s, when 30 year mortgages got up to 18%, real wages (your wages considering inflation) plummeted for a decade and didn't really start recovering until the 2000s. In our current situation the real wages compensated for inflation have recovered as of this fall already when compared to 2019. And we did it all better than the majority of other countries worldwide who were experiencing the same problems as their economies rebooted. Anyways, point is, probably as good of a job on the feds part with this current situation as anyone could have done.
Do eat the rich though, by all means.
FIAT money is independent of capitalism. Its coercive existence leads to distortions of relative prices and the production system, as government and its central bank will always tend to be inflationary.
Exactly. I just meant for the context of the posted article about inflation and our existing economic system, fed did a decent job at bringing it down without crashing the economy, unlike the last time they gave this a go. I included the disclaimer at the start of the comment because I didn't want to imply I was in support of grow at all costs eat the entire earth capitalism though. Not sure how long that paradigm is gonna be able to continue. It all comes back to eat the rich in the end.