19 Dec 2017 4:47 pm
I have not had any koolaid. I fully support Putin and duerte for example in kicking out their central banks. And my grandfather even confiscated millions of $ of property from jp Morgan and the Rockefellers out of spite. I just think you may be oversimplifying the issue. The federal reserve is not really an enemy to the us government or its people...and the powers given to it do have a plausible rationale.Cannonpointer » 19 Dec 2017 4:37 pm » wrote:Except that you cannot make that case, as EVERYTHING has gone up by 5% a year, including worker productivity (except wages and COLAs).charles.thompson » 19 Dec 2017 4:34 pm » wrote: population is much greater than it was in the 60's also. There are a lot of variables to keep track of when dealing with 'purchasing power'. Its a highly complex issue. But inflation never tells the whole story. I just suggest you try to not oversimplify the issue. It is quite possible that the fed has succeeded at 2% inflation while milk is too expensive, at the same time.
As to over-simplifying, anyone defending the fed is in no position to issue such caveats. Only simple fairy tails can pretend away the stink of a private consortium having stolen our currency issuing authority and posed as a "quasi" governmental agency - and you have simply drunk the koolaid.
I would like to see some citation for productivity going up 5% a year. That is not what I remember at all. It has been quite flat the past 20 years or so according to my own studies.