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Over the decades, I've come to form a very, very low opinion, if not complete contempt of the Federal Reserve who seems to be similar to our Senate in D.C.: completely out of touch with the majority of American people and their economy which does NOT have a chance of accumulating wealth in the economy designed by the Feds.
As a boomer from the working class, I was told that the stock market was for the rich. For us, we were better off saving what money we could in an FDIC account, protected since the Great Depression. We never dreamed of buying a home until we reached middle age. Now, thanks to the Fed, there are no safe savings vehicles, and the only chance Americans have of accumulating assets is the stock market or housing, which most cannot afford even before their shenanigans.
It is a farce to think that the Federal Reserve is anything more than a handmaiden for the banking industry and I personally think our Legislature should disband it and enact laws that make saving liquid funds possible for working people.
1913 was a bad year. The Founders clearly understood the potential downside of centralized banking like the Fed. You can dream. The Fed is here to stay and not going anywhere, anymore than the federal income tax, also created in 1913.
We had one economic system for a long time from the founding, and somehow around 1900 the powers-that-be decided to change all of that. They knew they would be the winners and the common man would be the losers. There is upside to the Fed but it is modest for the middle class and wildly profitable for the upper class who don't suffer the downside like the middle class do.
The rich get richer. That is just the way of the world and was from the start. Americans have been historically blessed to get thrown a bigger bone than the peons and peasants from the rest of the world. We have true upward mobility. A penniless immigrant can still become a bilionaire if he builds a better mousetrap.
It is what it is. It is not getting any better for Joe Blow. All we can do is our best within the system. We have no power to change it, unless you have an idea I haven't thought of. Special interests and lobbying money pretty much supercede voting in that regard.
Over the decades, I've come to form a very, very low opinion, if not complete contempt of the Federal Reserve who seems to be similar to our Senate in D.C.: completely out of touch with the majority of American people and their economy which does NOT have a chance of accumulating wealth in the economy designed by the Feds.
As a boomer from the working class, I was told that the stock market was for the rich. For us, we were better off saving what money we could in an FDIC account, protected since the Great Depression. We never dreamed of buying a home until we reached middle age. Now, thanks to the Fed, there are no safe savings vehicles, and the only chance Americans have of accumulating assets is the stock market or housing, which most cannot afford even before their shenanigans.
It is a farce to think that the Federal Reserve is anything more than a handmaiden for the banking industry and I personally think our Legislature should disband it and enact laws that make saving liquid funds possible for working people.
As a Baby Boomer from the working class, I was told that the stock market was a way to build and accumulate wealth. So, I did. I actively participated in the stock markets and retired at age 55 after having a very successful career despite being working class and attending a local college. I don't know who lied to you about the stock market. Go complain to the people who mis-directed your life.
I was told that real estate could be another way to build and accumulate wealth. So I did. I've bought and sold several houses well before middle age (which I am assuming to be age 45).
I always felt that I hit the generation lottery by being part of the Baby Boomer generation. We definitely had the best of all possible worlds. (Voltaire v Leibnitz)
I feel that the Fed has lost its way since its formation in 1913. It has become too sensitive to the political leanings of the administration. Many people think it's part of the Treasury and reports to the Secretary of the Treasury. The concept of an independent Fed has been lost.
Over the decades, I've come to form a very, very low opinion, if not complete contempt of the Federal Reserve who seems to be similar to our Senate in D.C.: completely out of touch with the majority of American people and their economy which does NOT have a chance of accumulating wealth in the economy designed by the Feds.
As a boomer from the working class, I was told that the stock market was for the rich. For us, we were better off saving what money we could in an FDIC account, protected since the Great Depression. We never dreamed of buying a home until we reached middle age. Now, thanks to the Fed, there are no safe savings vehicles, and the only chance Americans have of accumulating assets is the stock market or housing, which most cannot afford even before their shenanigans.
It is a farce to think that the Federal Reserve is anything more than a handmaiden for the banking industry and I personally think our Legislature should disband it and enact laws that make saving liquid funds possible for working people.
Over the decades, I've come to form a very, very low opinion, if not complete contempt of the Federal Reserve who seems to be similar to our Senate in D.C.: completely out of touch with the majority of American people and their economy which does NOT have a chance of accumulating wealth in the economy designed by the Feds.
As a boomer from the working class, I was told that the stock market was for the rich. For us, we were better off saving what money we could in an FDIC account, protected since the Great Depression. We never dreamed of buying a home until we reached middle age. Now, thanks to the Fed, there are no safe savings vehicles, and the only chance Americans have of accumulating assets is the stock market or housing, which most cannot afford even before their shenanigans.
It is a farce to think that the Federal Reserve is anything more than a handmaiden for the banking industry and I personally think our Legislature should disband it and enact laws that make saving liquid funds possible for working people.
1913 was a bad year. The Founders clearly understood the potential downside of centralized banking like the Fed. You can dream. The Fed is here to stay and not going anywhere, anymore than the federal income tax, also created in 1913.
We had one economic system for a long time from the founding, and somehow around 1900 the powers-that-be decided to change all of that. They knew they would be the winners and the common man would be the losers. There is upside to the Fed but it is modest for the middle class and wildly profitable for the upper class who don't suffer the downside like the middle class do.
The rich get richer. That is just the way of the world and was from the start. Americans have been historically blessed to get thrown a bigger bone than the peons and peasants from the rest of the world. We have true upward mobility. A penniless immigrant can still become a bilionaire if he builds a better mousetrap.
It is what it is. It is not getting any better for Joe Blow. All we can do is our best within the system. We have no power to change it, unless you have an idea I haven't thought of. Special interests and lobbying money pretty much supercede voting in that regard.
Was the creation of the FED actually peddled to the masses during election years, and used as debate platforms? Or was it just conceived on an island, and enacted without a peep to the public?
As a Baby Boomer from the working class, I was told that the stock market was a way to build and accumulate wealth. So, I did. I actively participated in the stock markets and retired at age 55 after having a very successful career despite being working class and attending a local college. I don't know who lied to you about the stock market. Go complain to the people who mis-directed your life.
I was told that real estate could be another way to build and accumulate wealth. So I did. I've bought and sold several houses well before middle age (which I am assuming to be age 45).
I always felt that I hit the generation lottery by being part of the Baby Boomer generation. We definitely had the best of all possible worlds. (Voltaire v Leibnitz)
I feel that the Fed has lost its way since its formation in 1913. It has become too sensitive to the political leanings of the administration. Many people think it's part of the Treasury and reports to the Secretary of the Treasury. The concept of an independent Fed has been lost.
If this is free market, there should be no guarantees, speculations in stocks, and housing will go up. You have to assess/take your own risks. Not everyone who invests in any sector at any given time should make out fabulously wealthy. In fact, most should not. It should be like a poker table. For everyone who gains money, at least equal or more persons have to lose their money.
Otherwise its all money printing, and just throwing it to wherever the controllers like. Its a command economy but its private bankers in control.
Over the decades, I've come to form a very, very low opinion, if not complete contempt of the Federal Reserve who seems to be similar to our Senate in D.C.: completely out of touch with the majority of American people and their economy which does NOT have a chance of accumulating wealth in the economy designed by the Feds.
As a boomer from the working class, I was told that the stock market was for the rich. For us, we were better off saving what money we could in an FDIC account, protected since the Great Depression. We never dreamed of buying a home until we reached middle age. Now, thanks to the Fed, there are no safe savings vehicles, and the only chance Americans have of accumulating assets is the stock market or housing, which most cannot afford even before their shenanigans.
It is a farce to think that the Federal Reserve is anything more than a handmaiden for the banking industry and I personally think our Legislature should disband it and enact laws that make saving liquid funds possible for working people.
You need to take some economic courses and learn why and how we got here. We are fortunate that the dollar is still the world currency, when it is no longer valued. That's when the real suffering and pain comes.
You look at other countries where their currency is worthless on the exchange market. They don't even have a stock market, no value.
Once the economy tanks, perhaps a new president will reverse course. But, there is no easy fix. We better hope there's basic universal income soon otherwise it will be a lost decade(s).
1913 was a bad year. The Founders clearly understood the potential downside of centralized banking like the Fed.
So, we should go back to individual banks issuing their own currencies and banks and businesses having to rely on magazines to identify currencies and determine relative value?
Or do you want to go back to the Gold Standard?
You do understand that when gold is used to back currency the price is regulated, right?
And you do understand that the price would be set at $63-$67/ounce, right?
Which means everyone who has gold will lose their shirts.
Also, you do understand that gold is not a hedge against "inflation" (snicker) because between 1880 and 1910 prices and wages increased 400% but the price of gold did not.
In fact, between 1870 and 1910, gold actually decreased from $18.94/ounce to $18.90/ounce.
Quote:
Originally Posted by Threestep2
You let "I was told" dictate your adult life and blame the Fed?
Yeah, some people.
Quote:
Originally Posted by NJ Brazen_3133
But but but before the creation of the FED there was "recessions"
The number, length, and severity of panics, recessions and depressions has decreased.
There were two major depressions in the 19th Century.
Quote:
Originally Posted by MKTwet
You look at other countries where their currency is worthless on the exchange market. They don't even have a stock market, no value.
A currencies value on the global market has no bearing on anything.
Monetary Inflation -- which you are not presently experiencing -- is caused by the value of the currency relative to domestic GDP and not the value of the currency relative to other currencies.
The Wiemar Republic, Zimbabwe, and Venezuela are/were closed systems. None of those countries monetized debt and sold it as treasury bills, notes or bonds, not to mention none of the currencies of those countries were international currencies of trade or reserve notes (and Zimbabwe's currency wasn't even allowed to be traded on the global market.)
The US is an open system. You cannot look at money supply relative to domestic GDP. You have to look at domestic GDP plus all global transactions of goods, services, commodities, and resources that occurred using US Dollars.
Years ago, when I spent 6 months gathering all the data and doing the calculations, I said the global economy could handle another $13 TRILLION before you started seeing Monetary Inflation -- which you are not presently experiencing -- but would start to see around 2025 and would last about 9-11 years.
What you are experiencing now is Demand-pull Inflation and Cost-push Inflation caused by Demand-pull Inflation.
When Demand exceeds available Supply regardless of the reason, prices rise. That is one of the inviolable Laws of Economics.
Your solutions are:
1) stop consuming; or
2) seek substitutes; or
3) increase Supply (assuming that's even possible)
Because Demand-pull Inflation -- not Monetary Inflation -- caused fuel prices to rise, those costs affected a large number of consumer goods and were passed onto consumer, hence Cost-push Inflation -- which is not Monetary Inflation.
Quote:
Originally Posted by MKTwet
Once the economy tanks, perhaps a new president will reverse course. But, there is no easy fix. We better hope there's basic universal income soon otherwise it will be a lost decade(s).
You cannot afford UBI and you can't even sell it to the Stupid.
Even the Stupid are not so dumb as to give up $3,000 to $6,000/month in various State and federal welfare benefits in exchange for $2,000/month.
At $2,000/month and at 280 Million (not counting the 1% even though it wouldn't be "universal") that comes to $560,000,000,000 per month or $6,720,000,000,000 -- yes, $6.27 TRILLION -- per year.
At that rate, it would take 2 years before you really did have Monetary Inflation and you'd have to end UBI to stop Monetary Inflation.
You cannot afford UBI and you can't even sell it to the Stupid.
Even the Stupid are not so dumb as to give up $3,000 to $6,000/month in various State and federal welfare benefits in exchange for $2,000/month.
At $2,000/month and at 280 Million (not counting the 1% even though it wouldn't be "universal") that comes to $560,000,000,000 per month or $6,720,000,000,000 -- yes, $6.27 TRILLION -- per year.
At that rate, it would take 2 years before you really did have Monetary Inflation and you'd have to end UBI to stop Monetary Inflation.
UBI is already here, the Feds just keep printing money and let the states hand it out. The only difference is that current UBI is given based on status. Eventually the status of middle class will change or the UBI requirements change.
Without some type of financial help soon, stagflation is gonna cause riots and huge anti-government protests like those happening around the world already.
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