E Nothing Changes At The Fed

Nothing Changes At The Fed

The statement may sound mildly obvious given that Jerome Powell has been nominated to continue his reign as head of the world's most visible central bank. Some might think this is a good thing; and will allow the Fed to steer a course that will bring our economy back from the living dead.

Dollar, Money, President Of The U S A, Cash Money

Image Source: Pixabay

There are others who believed (and still do) that a change in leadership(?) is needed. If you are one of those who think it matters who the Fed Chair is, then you are not paying attention.

Four years ago President Trump nominated Jerome H. Powell as the new Chairman of the Federal Reserve Bank. At the time, I said the following:

"Don't look for much to change. And Janet Yellen's announcement that she will resign from the board upon Mr. Powell's induction as board chair is pretty much a non-event.

Where we are today is the culmination of decades of irresponsible financial/fiscal policies and a complete abdication of fundamental economics.                                                                     

That should not be a surprise. The self-proclaimed purpose of the Federal Reserve Bank is to manage the economic cycles. This is an impossibly presumptive task and a violation of fundamental economic theory.

In addition, the Federal Reserve Bank is also charged with ensuring the financial operation of the US Government.  Or, in other words, maintaining their (the U.S. Government's) ability to borrow money by issuing more and more debt in the form of Treasury securities." (see New Fed Chairman, Same Old Story)

The Fed Creates Inflation

Whether the Fed Chairman is Greenspan, Yellen, or Powell makes no difference. The Federal Reserve has been creating inflation intentionally for more than one hundred years by continually expanding the supply of money and credit.

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Kelsey Williams Is The Author Of Two Books: Inflation, What It Is, What It Isn't, And Who's Responsible For It And  more

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