Without the Fed, how would you advise the nation deal with events like the Great Depression, the Great Recession, or COVID? Would you disagree that the Feds actions shortened these events and thus helped the public in the process?
Yes, I would disagree that the Fed has any positive influence whatsoever. It should be abolished and we should solve our problems with policy that relates to them and not pro-capital financial manipulation.
Have you read up on the wildcat banking era? The Fed, although far from perfect, was created to solve systemic problems with the decentralized American financial sector of its time. Chesterson’s fence is vital to discussions like these.
Doesn't the Fed do exactly that though? And without political influence? What would a different pro-labor system look like that could deal with national monetary crises?
I would argue that the Fed manipulating our financial system causes monetary crisis. The Fed is under the influence of capital which doesn't have the benefit of being even nominally checked by democracy. Were we (speaking as an American) to invest in our country and people we would have a healthier society and the means to deal with actual crisis.
> I would argue that the Fed manipulating our financial system causes monetary crisis.
Well, get ready because you aint seen nothin yet if you thought the Fed was manipulating our financial system. Do you honestly think a partisan system would be better?
As opposed to unhealthy unemployment which means the system collapses. Zero unemployment is not going to happen in any normally functioning society, though in the former USSR it existed. That included a lot of busywork (changing traffic lights, for instance, and requiring three cashiers to buy a bread).
