This is our 4th Fed (Central Bank). The first three broke us. This one is in the process of doing the same micro-managed financilization resulting in inflation and/or destructive bubbles!
Worse yet is when the Fed decimates one class while rewarding another. Charles Hugh Smith in How Fed Fueled Financialization Whacked The Middle Class:
The Fed sacrificed the foundation of middle class wealth–stable housing values–to boost bank profits.
Lest you think the phrase “death of the middle class” is hyperbole, please examine these two charts, keeping in mind the middle class by definition must be in the middle of income/wealth distribution–conventionally, between 40% and 80%, i.e. the 40% between the bottom 40% and the top 20%. See that little red wedge?
That’s the bottom 80%–the entire middle class and everyone below the middle class.
No statist institution can effectively regulate, control or improve the results of the many, many millions of micro market transactions that take place every second. The freer, the less regulated those transactions, the better the macro outcomes.
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The Federal Reserve is not "Federal"it is a kind of private banking board [actually 12 of them]. The President does appoint the chair, but they do not report to his office, nor does the president have any authority over this body of very wealthy private bankers. There in lies the problem. What is sorely needed is an Audit of the Fed, and Congress does have the authority to order one, but like many other issues, they seem not to have the will to act and perform their duty to the American public.
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