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by xenadu02
3289 days ago
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Corruption in the financial industry is extraordinarily entrenched because of deregulation, not because of the Fed. Allowing banks to merge and become huge conglomerates, the elimination of Glass-Stegal (which eliminated the distinction between normal banks and investment banks), and lax regulation of derivatives / dark money are all very direct causes. |
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However while you may not agree the Fed is a problem, unfortunately the Fed and central banking has an aura of group think around it that is usually only available for religious groups. I mean the fundamental concept of the fed's mandate: price stability and employment targeting--yea they sound great, but at what point do you question the ability to create value out of thin air just by playing with money. It is by definition financial alchemy.
And yes, I'm already familiar with Keynes' arguments in his General Theory, which is the historical work that set the precedent for this.