Not only did they avoid another Great Depression by bold absurdity…giving the economy more of the one thing of which it clearly had too much – debt. They also carefully monitored the economy’s progress so as to avoid any backsliding into normalcy.
And where do we get this penetrating appraisal? From the Fed economists themselves, of course. Bloomberg:
“The U.S. Federal Reserve’s decisions to delay interest-rate hikes helped cushion the economic shocks caused by rapidly rising borrowing costs for U.S. companies from late last year through early 2016, according to economists at the New York Fed.They’re geniuses. No doubt about it. That’s why they’re in charge and we’re not. They’re the elite. They run the Deep State. They may not pay the piper, but they call the tune anyway. And good on them! Who knows what prices we might discover if we were left on our own?
“By maintaining the federal funds rate lower, the FOMC managed to substantially offset the effect of tightening financial conditions on the economy,” the authors, referring to the rate-setting Federal Open Market Committee, wrote in a blog post on the bank’s website on Wednesday.”
Meanwhile, the security elite, too, has proven it cannot be trusted to protect a convenience store, let alone the nation. Trillions have been spent… thousands of people have been killed… offenses against man and God have been committed aplenty (in one case, the Pentagon water-boarded the wrong man 89 times in one month).
Perhaps Sanders and Trump are right; maybe it’s time to take a fresh look at the power elite and how they are running the country. That is the hope that is stirring the voters. But it’s rousing the Deep State to action, too.
“How to defeat rightwing populism” is a headline in the Deep State newspaper of record, the Financial Times, written by Elitist-in-Chief, Martin Wolf. “How to protect the status quo” is his real challenge.
He readily acknowledges the charges against him and other insiders: “[T]he greed, incompetence, and irresponsibility of elites.” This has “brought great populist rage,” he admits.