It's been a Fed-heavy week of content here at the Bent, and I hope you freaks aren't sick of the Fed bashing yet because that train will be chugging along this morning. What I'd like to focus on particularly is the fact that the institution has been deploying doublespeak for as long as it has existed. The Fed has a mandate from Congress to stabilize prices and to achieve this the central bank actively attempts to induce a constant inflation rate of 2%. This is a truly crazy form of wizardry that people have been going along with for a very long time.
How can we have price stability if the Fed is pursuing a policy that is actively trying to raise prices? This hit me like a ton of bricks yesterday while watching the livestream of Jerome Powell explaining how he is going to implement policy that will attempt to overshoot their 2% inflation target. He said with a straight face that the Fed would be pursuing this policy in the name of price stability. This is fucking crazy. And I can't believe it has taken me this long to connect these particular dots and point out this hypocrisy.
The Fed has been engaged in a massive gaslighting campaign since its inception. It has been actively contradicting itself in front of the world for as long as its been around and people have blindly believed that this hypocrisy makes sense because they have been led to believe that academics in suits sitting in ornate boardrooms are good decision makers. All the while, this institution has been robbing humanity blind.
"We have a mandate to produce price stability. We're going to print a bunch of money, enrich a connected few, and drive up prices so much that we hollow out the middle class and create a wealth gap that tears the fabric of our society apart at the seams."
This is what has been going on. And anyone who defends the Fed is actively enabling evil theft. It is truly evil. Especially since this institution has the gall to tell everyone that inflation isn't high enough! They want MOAR! And they get MOAR because they use a bunk, manipulated measure of inflation (CPI) to tell the world they aren't reaching their target price increases on their quest for price stability. This is EVIL. The world has been bamboozled by a spell of doublespeak.
Over the last sixty years, the world has seen the greatest advancement in technology, efficiency and productivity that humanity has ever experienced. This should have naturally led to not only price stability, but falling prices, which would be massively beneficial to everyone on Earth except for those who lend too much money out. Every human on Earth outside of those connected to the Fed window has been robbed blind and it needs to end. Again, this is EVIL.
Luckily, Bitcoin fixes this.
On a completely separate note, I recommend you freaks take seven minutes to peep this speech. Very powerful message considering today's political and social climate.
Enjoy your weekend, freaks.