The trick to wielding power is convincing people you are powerful. The Federal Reserve is a master at this persuasion.
by Charles H. Smith, Of Two Minds:
The Fed’s control of the real economy boils down to persuading us that it is omniscient and holds the levers of real power. Neither is true. The only sustainable engine of real wealth creation is innovation, and the Fed has essentially nothing to do with innovation, other than creating massive incentives for carry trades and financier speculation, i.e. the acme not of wealth creation but of rentier wealth skimming.
Those who follow the mainstream media’s “all Federal Reserve, all the time” coverage of financial news naturally conclude that Senator Chuck Schumer neatly summarized reality last year when he declared that the Federal Reserve “is the only game in town.”
This obsessive focus on Federal Reserve policies and pronouncements has several causes, including
1. laziness; i.e., publishing press releases and official spin as “news”
2. willful ignorance
3. craven desire to tout the party line, lest the plumage of someone higher up become ruffled and the messengers be sent to the career guillotine
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