I know what you all are thinking........WTF!? Why would somebody congratulate the Fed?
Well, one thing that everybody has to understand is that the public is always unhappy.
If you noticed during the Great Recession, people were unhappy because they lost their jobs and couldn't pay their adjustable rate mortgages.
Well, times have sure changed to where we are now. The stock market has gone from the depths of hell to all time highs. Plus, home prices have surpassed all time highs also. Whom do we have the pleasure of thanking for these investment rewards? The Federal Reserve, that is who.
But wait! The citizens are still complaining. Now the public wants to blame their lack of purchasing power and devalued savings on the Fed! Well, you could make a solid case that the Fed did devalue your savings and decrease your purchasing power through massive quantitative easing. Well, the thing is, that quantitative easing that caused your dollar to devalue is the same quantitative easing that helped your home value go up 50-100% over the same period. That quantitative easing is also what helped your stock portfolio go up 300% over the exact same time.
If you happen to be one of those complaining citizens..... Which place would you rather be inside?
(A) The first scenario in a recession with no job and foreclosures everywhere?
Or (B,) record low unemployment with stocks and housing at all time highs?
Well, the answer isn't probably neither (A) or (B) for most people. They would rather choose (C) anything but the two above.
However, you can't have your cake and eat it too. You have to pick one or the other. That is just how the system works. You as a citizen have to toughen up and face the facts. I am unemployed and out of money and writing on steemit for half a cent. However, respect is due where respect is due. Hating on the Fed and the U.S. will get you nowhere in the long run, because we are not the only country going through this great time in history. The BOJ and ECU also did some tremendous and magical money movement and stimuli to help the entire globe get to where it is today! Currently Australia, Japan, Europe (somewhat,) Canada, Mexico (since 2017,) Kuwait, and many other countries are on the path to the same supreme success financially that we are witnessing in the U.S today, if not better.
In conclusion, the thing that people do not realize is the more you fight the fed, the bigger the hole you will dig. The only way to enjoy your life as a U.S. citizen is to appreciate and congratulate the Fed for the good times. If you are a kid or a broke person, then get out on your feet and make something of yourself. There has never been a better time to do so in history.
I hear what you're saying but the world would be much better off without central banking. Yes, this would cause serious economic disruption if this goal was actually achieved but in the long-run would be a good thing. All of this shit started thanks to FDR and because of the Fed, we never really feel the full impact of recessions & depressions. When the next bubble bursts (exacerbated by the bail-outs of .com & '08) I don't think you are going to be instructing others to thank the Fed. Your argument is kind of like saying, "Sure cancer is bad, but you should thank it for the enjoyment you get out of life during periods of remission". The Fed aka the Cancerous cells in this analogy are the problem in the first place. Never going to thank an irresponsible bureaucracy!
Could not have said it better myself steemitsteve :)
The world without central banking is like the earth without a sun. It isn't possible to have a country without a central bank. You are submitting an impossible rebuttal. When you say the next bubble will burst large, I tend to disagree. I think the next bubble burst will be minimal and short lived, since QE was so large. Recessions like the Great Recession tend to only happen once every 50-100 years, so the data shows. I agree with your metaphor that the Fed is cancer, but there is no cure for cancer, just like there is no other alternative but the Fed.
More in depth research and explanation about the future of cryptocurrency and central banking can be found in Get Ready for a World Currency.
Well described