patrick.net

The monetary system is a Marxist communist system. You have this politburo, the Federal Reserve board, a bunch of academics, a bunch of PhDs. That’s exactly what Gosplan was in the Soviet Union, a bunch of really smart people sitting in offices doing calculations about how many toothbrushes needed to be manufactured in the Soviet Union. And of course, you couldn’t get a good toothbrush, because central planning doesn’t work.

And so in the U.S., or in the west, we entrust the number one controller of people making decisions, interest rates. We entrust that to a bunch of academics and other people in a centrally planned situation. And so they are politically influenced, whether you like it or not, whether they say they’re they are or not - they are. They don’t let anybody fail…They constantly intervene, because you have this revolving door between Wall Street and academia and the Federal Reserve. So, of course, they’re going to bail themselves out.

“While the Consumer Price Index has insultingly reported a 0.6% increase for health insurance costs over the last year, we’re personally facing a 32% jump (+50% over 2 years), and millions more are in the same boat. Financial hits of this magnitude can be devastating. The blame for this is shared by many in Washington over many years, beginning with the Federal Reserve, which is restarting Quantitative Easing with asset prices charging to all-time highs in the interest of “reserve management.”

They’ve created a captive financial system reliant on permanent central bank liquidity rather than decentralized market liquidity. Previously, QE was the backup generator. Now it’s required just to keep the lights on. As a result of decades of mismanagement, every policy choice now boils down to accepting inequality or inviting a recession.”

Jayme Wiggins & Eric Cinnamond