Not long ago, Federal Reserve chairman Powell pledged to plunge the US economy into recession and throw millions out of work to get inflation down.
More recently, he pledged to keep interest rates low enough that people and businesses go further into debt but high enough that they don’t make too much money.
That seems bad, but central bankers do not have to look out for you. Their priority is the government’s money, not yours.
They need to keep money flowing to banks and other entities that hold financial power. Those insiders are vital for the health of modern economies and trade networks. You hope their greed serves the greater good. Often, it does.
But don’t let that fool you. They’re not working for you. They’re working for themselves and their shareholders.
As an American comedian once said, “It’s a big club, and you ain’t in it.”
In the States, we have this concept of the American Dream.
It means different things to different people, but basically, it’s the idea that anybody can achieve financial security and social mobility through hard work and smart decisions.
