Don't feel bad for the Fed folks, they have caused a lot pain and suffering to hundreds of millions of people worldwide with their monetary policy f*ck ups
And not a single one of them suffered any consequences, in fact they all got paid $$$ and made $$$ off the trades, which they are no longer allowed to do so now they sold everything at the top at the end of last year and Jerome said there will be pain for everyone, but not them
Fed president Bullard was snickering like a little girl when put on the spot by CNBC Lisman about their mistakes on transitory inflation on CNBC a couple of weeks ago
Kashkari said he's happy about the market reaction last Friday to Jerome's speech. $1.3 Trillion of value lost from US stock market investors and he's happy
NY Fed president Mary said on an interview a few weeks ago that inflation doesn't really affect her since she makes $400K a year. Let them eat cake
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Don't feel bad for the Fed people. A guillotine is more appropriate for these assh*les and bitch*s
You're of course right, and I do see it the same way as well, but a part of me is still not that surprised. When there are no consequences for your bad actions, and you're given the script of what needs to be done, you almost have to follow the instructions. Its up to government to change the rules, to enforce independence, and to perhaps ensure they take some accountability and responsibility and even repercussion's for a badly done job.
I guess what I'm saying is that if you design a system that promotes this type of behavior, its no surprise when you get exactly this. In other countries, when you go against the regime, you end up dead. Clearly that won't happen in the US to this extent, but there really are no incentives to do good, only to keep your job.
Changing the system to take away these crooked incentives is how to change things, and I'm hopeful that fixing the money with Bitcoin will fix everything else.
I saw a brief documentary on Powell, and he is actually a smart guy that comes from the private sector, and debt restructuring specifically if I recall. He made a boat load of money and I think he clearly understand business and finance well. For years he had Trump publicly berating him, but he kept his cool. When people claim the FED doesn't know what they are doing, we have to first figure out what their true goal is. Clearly, if you help the little guy, it has to come from somewhere. If you give tax cuts to the rich, (ala trickle down economics), you are actually screwing the little guy. My point is that there is no course of action that can be seen as beneficial for all, or even most.
In conclusion, its not so much that the FED is stupid and is doing a horrible job, but rather, why is the FED even at the wheel, driving this economy, when the economy would do much better with prices and signals set by the market? I don't want any official having the power to increase or decrease rates based on trying to achieve some goal which will help some and hurt others. Rates should be set by the market with regards to supply and demand and liquidity.
Much like we don't want officials printing up magical money, we also don't want them magically changing rates, as if they have the power to all of a sudden create or destroy jobs, or speed up and slow down the economy at the flip of a switch. The anger shouldn't be placed at the FED officials (although they clearly are dishonest pieces of shit), but rather, it should be placed at how the system allows for this random manipulation of key variables that give officials too much power to manipulate.
