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this post was submitted on 02 Feb 2024
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politics
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Forget the “left” or the “right”, Powell is there to aid the affluent with wealth preservation as his overarching goal while fucking the everyday citizen right in the asshole
Which is what both major political parties want.
Biden is 1000x better than trump, but if this is the best we can do, we're fucked as a country.
Wealth is going to keep concentrating and both parties are going to care less and less about democracy.
The DNC is just a decade or two behind the RNC. And as long as the only standard for a Dem is "better than the current republican" both will keep going down the shitter at the same rate, one is just starting from a lower position
Ugh. I hate that I agree with you. Nothing personal, of course! I just wish there was more to be optimistic about in regards to American politics.
I find I agree more and more with those that encourage people to get involved with local politics. It's such a long shot, but if there's any chance at fixing things from within the current system, it has to be at a local level.
Ask any blue city in a red state if local is enough...
That's where the solution starts, but this is like climate change. We're not going to fix it overnight, it's going to take decades of hard work and we're going to have to keep working to maintain it or it'll just happen again later.
We gotta try, but we need to be honest about how hard it is and how long it will take.
Powerful insight /u/DogPeePoo
Powell doesn't need to aid the wealthy, our economy is already set up to do that.
However— these are the tools being employed which are designed specifically for wealth preservation and fucking the common consumer:
What is the Fed's RRP facility?
When the Federal Reserve uses a reverse repo, the central bank initially sells securities and agrees to buy them back later. In these cases, the Fed borrows money from the market, which it may do when there is too much liquidity in the system.
https://www.google.com/url?q=https://www.newyorkfed.org/markets/rrp_faq&sa=U&sqi=2&ved=2ahUKEwicv-a60o2EAxVYweYEHVvTDqQQFnoECBwQAQ&usg=AOvVaw23fgJ0NcZZbolqC1ydWUtH
Powell has the power to push exactly one button.