A View of the Fed

The Democrats’ focus on identity politics was a problem before the onset of the Covid-19 pandemic and George Floyd’s death, but it has supercharged since then. People see themselves primarily as individuals, not as members of a demographic group. They don’t like being treated as members of a group rather than as individuals.--Strain

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Recently, Democrats shook their fists and bellowed to the Heavens about the need to expand the Supreme Court, abolish the filibuster, override state abortion laws via federal legislation, and choose presidents by popular vote. All to save Our Democracy. So far as I can tell, all such talk has ceased—as if there were a great disturbance on the Left, as if millions of voices suddenly cried out in terror and were suddenly silenced. It’s never wise to seek powers that you would fear in the hands of your adversaries.-- Graboyes

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A Southwest Airlines plane carrying passengers has been struck by a bullet amid gunfire near a Texas airport.

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A View of the Fed

The Federal Reserve was created in 1913. Very shortly thereafter, the United States for the first time become involved in a European war, initially as a lender to the Allies, subsequently as a co-belligerent. Coincidence? Not entirely.

We are treated to such quaint myths about the purpose of a central bank. “It controls the money supply to steer the economy away from high inflation or high unemployment.” “It is the lender of last resort.”

The real purpose of a central bank is to enable the government to borrow money at a low interest rate.

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In its twentieth-century incarnation, an effective central bank enables the welfare-warfare state. Nowhere is it more effective than in the United States.--Kling

So, as in so many cases, the law and the system benefit the agents and not the citizens? Like the education system benefits the employees, not the students? If true, when does such a repurposing become damaging?

For example, 85% of Black fourth graders cannot read. How does such a loss of foundation influence future learning? How does that growing failure influence future decisions?   

And, importantly, can a society afford to have structural deficits that disqualify over 13% of its population from contributing to its advancement?