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Tag Archives: stimulus

The median American household earns 1/3 less than in 2007

I graduated from college right after the Tech Crash and I experienced the mild 2001 recession first hand. That was the first time we heard the term “jobless recovery.”

Then September 11th happened and in the wake of all the fear both the Fed and the federal government pulled out the stops. The Fed cut rates sharply and soon we were in the midst of a wide reaching war which though they wouldn’t say it out loud, many of the Bushites hoped would have a “stimulus” effect.

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End the Fed: “We do not need ‘monetary policy’ any more than we need a paintbrush policy, a baseball bat policy, or an automobile policy.”

Indeed we don’t. But we are so conditioned to the idea that the cost of renting money fundamentally should be determined by a central bank that most don’t think anything of monetary policy. When the economy tanks, the Fed’s supposed to ease, when the economy gets too hot it’s supposed to raise rates. This is what we were all taught in our macroeconomics courses. Makes sense…I guess.

Actually not at all. These fluctuations, the business cycle, are created by the world’s central banks.

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