There is a magnificent battle over the role of the Federal Reserve in American politics, with economists, media, lawmakers, business leaders, and pundits grappling with how to explain to the American people what role the central bank must play for the American people to enjoy the highest quality of life.
The divergent perspectives on the Fed’s mission are mostly influenced by how much the government spends and how much of that expenditure benefits the American people as opposed to the upper class of politicians and their selected cronies.
Think Woke Green New Deal. Conservatives recognize that the Democrats have misappropriated the monies we are compelled to provide them, and as a result, we now struggle to pay our own expenses.
The Federal Reserve System is the central financial system of the United States of America, according to its profile. It was established on December 23, 1913, with the passage of the Federal Reserve Act, in response to a series of financial panics that prompted a need for centralized management of the monetary system to ease financial crises.
Some individuals have desired ‘the end of the Fed’ since its inception; the conflicts have been continuous and are intensifying now that the Democrats have lowered the standard of living for so many people.
The economics that drive the Fed’s actions are very polarized, with proponents and adversaries emphasizing whole different aspects; this makes battling over money and opportunities to generate riches a controversial topic.
“The Federal Reserve is hiking interest rates at the most forceful pace in decades and has made clear it is far from stopping,” The Washington Post reported on Thursday, indicating that the left’s messaging on the issue was going to be one that is very different from what Steve Bannon, host of the War Room program is laying out.
WaPo reported with more details about the left’s point of view:
“Inflation stayed high but showed signs of slowing in October, as families and businesses continued to face rising costs for basics such as food and rent — and as the Federal Reserve ramped up its efforts to lower consumer prices, even at the risk of forcing a recession.
Prices rose 7.7 percent in October compared with the year before, and 0.4 percent over September, the same rate as the previous month, according to data released Thursday morning by the Bureau of Labor Statistics. That’s far above normal levels, but it was lower than analysts had expected. So the report brought some hope that the soaring cost of living may be easing. Officials at the Fed have made clear that they need to see months of encouraging data to get a sense of how the economy is evolving. The latest data may mark a shift, but they’ll want to see it continue.
“This was good news, but I wouldn’t dramatically change my view of the world based on one data point. We’ve had false dawns before,” said Jason Furman, an economist at Harvard University who was a top economic adviser to President Barack Obama. “One should feel better about inflation today than one felt yesterday. Just not much better.”
Bannon, a former Goldman Sachs investment banker and populist economist, wants the Federal Reserve to be abolished because he views it as a major cause of issues for the working class, whom he wishes to represent.
In August, Bannon spoke to a big audience of Conservatives at CPAC in Dallas, Texas, on the Federal Reserve:
(2 of 2) pic.twitter.com/K2SJsp3VpW
— Capitalist Pigs (@capitaliztpigs) August 11, 2022
More on this story via The Republic Brief:
On Nov. 3rd from his War Room program, Bannon told his supporters to expect an angry mob at the Fed:
“Everybody’s getting crushed, and what the Fed chair just told you because of your policies, it’s going to get worse. By next summer, the commercial real estate business will be collapsed. The residential housing market will collapse, the construction market will collapse, and unemployment will be raging everywhere because of your actions. And you’re going to sit there and tell me – the armed and angry mob you’re talking about is going to be guys going to the Federal Reserve, outside, the temple down there, that’s going to be the armed and angry mob because of your policies,” Bannon said. CONTINUE READING…