Hacker Newsnew | past | comments | ask | show | jobs | submitlogin

This moment reminds me of the meeting in Jekyll Island between the top bankers and treasury authorities to create the Federal Reserve. During the 19th century, there were financial panics and deep recessions across the nation with an American Bank system that could not sustain it. The industry assembled, creating a centralized plan that improved the American Bank's capabilities domestically and abroad. However, that same plan is the cause of our economic melancholy. The Federal Reserves overprinting of USD as “relief” for congressional policies is the main reason our inflation rate is so volatile. Similar conditions to the one J.P. Morgan and Senator Aldrich tried to escape from. The moral of the story is industry risks to society can be managed but can never be eliminated, especially not by industry leaders. -Real


Guidelines | FAQ | Lists | API | Security | Legal | Apply to YC | Contact

Search: