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While it is fair to say the US economic system enables outsize wealth accumulation at the same time wages have stagnated for decades, what's that got to do with
by Zigurd 4y ago
While it is fair to say the US economic system enables outsize wealth accumulation at the same time wages have stagnated for decades, what's that got to do with the monetary system? People who blame everything on modern central banking are usually barking up the wrong tree, sometimes in ways that originate in conspiracy theories.
There is enough wrong with the system without inventing villains.
- celtoid 4y agoThe Federal Reserve was hatched at a secret meeting, according to the Federal Reserve. IOW, the Fed itself was the result of conspiring by private and public interests. "On Nov. 24, 1910, a select group of men enjoyed a Thanksgiving dinner of wild turkey with oyster stuffing at the luxurious Jekyll Island Club, off the coast of Georgia. The resort offered a host of leisurely pursuits, but the men weren't there to golf or ride horses. Instead, the group was there to devise a plan to remake the nation's banking system. The meeting was a closely guarded secret and would not become widely known until the 1930s. But the plan developed on Jekyll Island laid the foundation for what would eventually be the Federal Reserve System." https://www.richmondfed.org/publications/research/econ_focus/2015/q1/federal_reserve https://www.richmondfed.org/publications/research/econ_focus...