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>sheesh I would have never thought I'd be thankful for the Fed, strange times indeed That's a strange statement. If you live in America, you owe nearly everyth

• mindslight 1y ago
  It's a fundamental driver of centralization and moral hazard, which steps in to directly support both legs of the heads-they-win tails-you-lose dynamic of our overfinancialized economy. As I've gotten older I've softened on the criticism. Perhaps inflationary currency is inevitable due to Gresham's law, and we just have to accept it like we have to accept the centralization from manufacturing economies of scale. And I'd most certainly rather have the US maintain the world reserve currency than say China. But still, this populist anger is coming from somewhere. I see legitimacy in many of the fundamental complaints of Trumpists. They just don't realize they're being conned by the same old trick of politicians acknowledging a problem to gain support while pushing a "solution" that will make the problem worse (but succeed at lining the politicians' pockets) - yet again. (similar to how they've been getting conned all along with this narrative of fake "fiscal responsibility" where just as much new money is printed, but it's dumped into the financial industry instead) And I will say, aggressive assertions like "you owe nearly everything you have ... to the Fed" really harm the discourse. Preaching to the choir while alienating everyone else does nobody any favors.