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> See, the thing is, I understand this. I believe that. And of course the middle class is of concern as well, however the middle class is dying, we're becoming only the rich and the poor and the poor make up the largest part of society in that sense, so that's where the focus belongs, in helping to recreate a middle class we haven't had in a long time. > Sure, but this a reflection of their stressed state and immediate needs, not proper analysis. No, it's a reflection of their lack of capital; interest rates matter in terms of savings to those who have enough money that the interest rate actually matters. It takes quite a lot of money before you need to care about savings interest rates. To most people, it only matters in terms of what they're paying for debt and those people want low interest rates, not high ones. To most of the population, low interest rates are far better because it decreases their debts and most of the population is in debt. > or their mandate clashes with technology. What is the result of this clash? Agreed, and that's where i'm going as well, we need to get past this notion of trying to attain full employment, employment can no longer be the goal in an automated world. As we move forward, what the Fed does will have to adapt to the new world where it's no longer about employment, but about how to effectively share the benefits of productivity created by technology with everyone, not just the capital class. As to stable prices, that doesn't mean preventing things from getting cheaper, it means fighting inflation. Nothing wrong with things getting cheaper, everything wrong with them getting more expensive across the board. So they aren't in conflict with tech there, tech does make things cheaper, unfortunately, it also tends to make workers poorer as it makes them unnecessary which will eventually destroy the market for said products when no one has money to buy them. Automation at the end of the day, is a poison pill to an economy based on low skilled physical wage labor. And an economy based on high skilled mental wage labor simply doesn't align with the realities of the human condition. Half the population has an IQ below 100, they will never be capable of high skilled thinking jobs. So the very foundation of our economy must change in order to continue down this path of automation. For the basics of living, we need more socialism and less capitalism. We need a more social democracy that takes back enough from the capital class to ensure the lower classes don't revolt take what they require through violence because they won't be able to take it through working before long. |