Think about everything the FED will be able to buy with all that extra debt. And now they don't even need the printing process anymore, it's done digitally. Create trillions and trillions of "free" currency on a computer screen. Jerome Powel must be having the time of his life. Too bad nothing is really free
I suspect it will hardly surprise you which tier of the American economy, top 10% or bottom 90% of the people, the FED has been pumping digital fortunes into ever since the outbreak of the pandemic plunged us into a recession. Yeah, the one that centers on the stock markets.
Like, that's going to more than marginally help 90% of Americans survive this thing with their will to live, let alone anything else of value to them. I have got friends who left 'dire straights' months ago when their cruise ship sailed out into the open seas. The daughter of a friend I nannied for a few years around her age 10 -- and was to her at the time, the best currently available adult to distract her from yearning too much for her absent father -- is now in her 30's with kids, a departed husband suing for divorce, pandemic-unemployment, and about 10 months behind on her rent.
The American Dream to her is actually and honestly for her kids to live with her, together as a family, rather than split off into foster homes. In the media, that's called 'the economy is improving and things will be back in a few months to more or less close to normal."
Meanwhile propagandized humans go about the internet saying in effect, truth doesn't matter.
It just seems to me overkill cruelty the FED is mostly navigating by Milton Friedman's Libertarian Fantasy of Monetarism.
It's like sailing a US Naval warship according to the best navigational practices available to Columbus. But it's so deeply ingrained in anyone who grew up learning it, that it's carved in their minds as reality squared. Especially, since it has been used for decades nowadays as a meaningful model and useful tool for the FED to keep unemployment high on its theory that means inflation won't eat into anyone's fixed social security incomes, and -- of course -- the wealth, returns on investments, property, assets, and other 'economic rents' of the rich.
None of that holds up to empirical demonstration when you get down to hammering at it from enough sides using history as your munitions plant and mathematics to aim your artillery. Monetarism is crumbling, and the bit about unemployment/inflation was the easiest wall to tumble.
The 'FED' knows that.
But the FED, you know, doesn't want to take the risk of seeming socialist to the eyes that would panic at the least visible thing they would assume was a sign of that very convenient bogeyman.
Hence, launch smoke and mirrors suggesting the FED is being careful not to dump as many people out of work as they typically do. It's the new warm and all fuzzy FED these days.
It's significant to me, that I can find out more about these things in a shorter time than I have ever before been able to by searching YouTube (of all places!) for videos of people on both the right and the left, discussing these things --- simply by looking for Millennials.
You know, the generation that was mostly in high school the day Lehman Brothers went bankrupt, and in effect, saw their dreams and ambitions for their futures discounted dramatically by events they had no chance whatsoever to control. Today, those of them who somehow took that as a 'wake up to reality and find out why I'll now rent apartments all my life' are arguably the most truthful, and therefore, most often insightful commentators I can find as group. Both right and left.
Honesty and truth have an uniting effect on people, quite the opposite of propaganda.
From the viewpoint of a well informed, somewhat bright Millennial on either the right or the left of the aisle, almost all of the posts on RF are lies or just as innocently misleading and damaging as any average lie. Some of them will let you know that, too. At likely best, I'd come across to them as some old guy trying to play catch up to something they started learning about as undergraduates.
Generations always start out a little better in most ways than they end up as. Unfortunately, the Millennials could so easily pan out to a slim chance that arrived too late. A gesture, basically.
Kind of like being AOC, I guess, and flipping the bird at a hurricane of propaganda that's determined to force people to see her finger as the telltale warning of the imminent collapse into socialist tyranny that has always been their favorite horror movie -- a movie they love to see again and again and again in every public fart from the left.
