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Statement from Jerome Powell

federalreserve.gov

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Re: Statement from Jerome Powell

#181

Post by CodingJeebus »

mrstackdump wrote: post #167
colejhudson wrote: post #151

Earlier quoted context omitted.

Without the Fed, how would you advise the nation deal with events like the Great Depression, the Great Recession, or COVID? Would you disagree that the Feds actions shortened these events and thus helped the public in the process?

Yes, I would disagree that the Fed has any positive influence whatsoever. It should be abolished and we should solve our problems with policy that relates to them and not pro-capital financial manipulation.

Have you read up on the wildcat banking era? The Fed, although far from perfect, was created to solve systemic problems with the decentralized American financial sector of its time. Chesterson’s fence is vital to discussions like these.

Re: Statement from Jerome Powell

#183

Post by Herring »

AnimalMuppet wrote: post #164
rvz wrote: post #60

So this is the bar for the next country to surpass the US as the world's economic super-power, if this continues it's most likely going to be China to surpass the US. An opportunity for the EU to stop its bureaucracy and cleanup its act. If it cannot convince anyone that they are next, then one can argue that democracy is completely finished. If this nonsense continues it will be the UAE + Saudi Arabia + China, cutti…

If that's the bar, well, China is not a sterling example of central bank independence and the rule of law either.

China hasn’t dropped bombs on foreign soil in 45 years. I think I’m ok with that situation.

Re: Statement from Jerome Powell

#185

Post by mrstackdump »

colejhudson wrote: post #173
mrstackdump wrote: post #167

Earlier quoted context omitted.

Yes, I would disagree that the Fed has any positive influence whatsoever. It should be abolished and we should solve our problems with policy that relates to them and not pro-capital financial manipulation.

Doesn't the Fed do exactly that though? And without political influence? What would a different pro-labor system look like that could deal with national monetary crises?

I would argue that the Fed manipulating our financial system causes monetary crisis. The Fed is under the influence of capital which doesn't have the benefit of being even nominally checked by democracy. Were we (speaking as an American) to invest in our country and people we would have a healthier society and the means to deal with actual crisis.

Re: Statement from Jerome Powell

#188

Post by Aurornis »

renegade-otter wrote: post #86
neom wrote: post #54

So I'm sitting here as a Canadian wondering what the American people are going to do? I understand a lot of what the President of The United States says - I even agree with some of it, the problem is I don't feel like we're engaging with the American people anymore. I really wonder where you guys are headed and what it means for the rest of us, I spent 15 years in the states, built a public company there, I really li…

America has enough power to help someone else. No one has the power to save America from itself. The cavalry is not coming, and this fire is going to take its course. One day, maybe we will rebuild from scratch.

> One day, maybe we will rebuild from scratch

The current situation is bad, but this is just doomerism.

The current administration will end. Trump can't live forever. His approval rating is already low and falling.

We're in for a bumpy ride, but then it's going to start reverting toward the mean. Not necessarily back to the way things were, but periods of extreme like this are followed by a reversion to the mean more often than not.

Re: Statement from Jerome Powell

#189

Post by throw0101c »

gruez wrote: post #156
collinfunk wrote: post #66

Earlier quoted context omitted.

Even if one grants that it is a small minority, aren't they still voting for someone who advocates for jailing and killing political opponents?

>Even if one grants that it is a small minority It is. What's more, such support is roughly the same across both parties, but both parties vastly overestimate the other side's support. https://www.pnas.org/doi/10.1073/pnas.2116851119 https://x.com/JustinGrimmer/status/1966997411060215960

> It is. What's more, such support is roughly the same across both parties, but both parties vastly overestimate the other side's support.

The difference between the two parties is that one elected a leader that agrees with that minority. This 2012 scene from The Newsroom outlines the difference:

* https://www.youtube.com/watch?v=cGsLhyNJBh8

The GOP let (?) the inmates run the asylum.

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