The Federal Reserve
I watched Paul Krugman interviewing Janet Yellen about the Federal Reserve on C-SPAN the other day. I felt like sharing my views about the Federal Reserve and the nation’s economy after watching that program.
For more than 20 years it made no difference who the chairman of the Federal Reserve was. It now appears their job has been to destroy the backbone of the United States. Lower income People and Senior Citizens who tried to save money, non-profits, perpetual care funds, and small churches built these United States, made it strong. Why did they have to pay the price for the Federal Reserve’s love affair, serving Wall Street investors?
The survival of these different groups depended on interest earned from savings on small sums of money. With near 0%, for twenty years none of them can survive, This leads me to believe it was designed, planned to destroy the American economy.
Today the government runs on more borrowed money every day, unsustainable debt seems to be the goal. The banks are giving everyone with a mailing address credit cards. They are expected to go out and buy everything possible, as fast as they can. It looks like this was done to bring the country down with debt.
We must all ask, will a new world order be worth the cost we have to pay?
The current chairman of the Federal Reserve is Jerome Powell. He was confirmed by President Trump to replace Janet Yellen. Prior to Janet Yellen’s term, Ben Bernanke and Alan Greenspan we’re Federal Reserve chairman.
Alan Greenspan served five terms as chairman of the Board of Governors of the Federal Reserve System, he took office as chairman on August 11, 1987, appointed by four different presidents, his last term ended on January 31, 2006. Near zero interest rates started being paid to savers under Alan Greenspan’s time at the Federal Reserve and has continued to the present day.
I believe we may still have one hope. The new lawmakers coming into office in Washington DC could put their heads together and start to reverse what has been happening. I hope they do, for the survival of the nation.