Posted by kingpin15 on 12th of Apr 2024 at 07:04 pm
Arthur Burns wrote a famous speech about his own failure to kill
inflation in the late 1970s and this bit resonates particularly
loudly right now.
Viewed in the abstract, the Federal Reserve System had the
power to abort the inflation at its incipient stage fifteen years
ago or at any later point, and it has the power to end it today. At
any time within that period, it could have restricted the money
supply and created sufficient strains in financial and industrial
markets to terminate inflation with little delay. It did not do so
because the Federal Reserve was itself caught up in the philosophic
and political currents that were transforming American life and
culture.
yep I read about that too and agree. Once you get politics
involved, people tend not to do what is required if it not
politically favorable, even though it's necessary and may cause
some pain in the short term but be better in the long
run.
it's just like the politicians, they only care about getting
reelected and they won't do something that is needed and necessary,
if it may cause them not to get reelected
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Arthur Burns wrote a famous
Posted by kingpin15 on 12th of Apr 2024 at 07:04 pm
Arthur Burns wrote a famous speech about his own failure to kill inflation in the late 1970s and this bit resonates particularly loudly right now.
Viewed in the abstract, the Federal Reserve System had the power to abort the inflation at its incipient stage fifteen years ago or at any later point, and it has the power to end it today. At any time within that period, it could have restricted the money supply and created sufficient strains in financial and industrial markets to terminate inflation with little delay. It did not do so because the Federal Reserve was itself caught up in the philosophic and political currents that were transforming American life and culture.
yep I read about that
Posted by matt on 12th of Apr 2024 at 10:14 pm
yep I read about that too and agree. Once you get politics involved, people tend not to do what is required if it not politically favorable, even though it's necessary and may cause some pain in the short term but be better in the long run.
it's just like the politicians, they only care about getting reelected and they won't do something that is needed and necessary, if it may cause them not to get reelected