Yesterday, the Federal Open Market Committee once again confirmed that they are unable to normalize the federal funds rate. The Fed promised they could save us in 2008 and then reverse policy later. Seven years after the fact, that’s still not the case. This is a clear sign that something is seriously wrong.
So what are the implications of this? A generation of savers loses. Private and government debt continues to accumulate. Bubbles and market distortions continue to grow.
The Fed and the elite promised that this would be a free lunch, but clearly this is not the case.
The Fed owns the current economic pain of the middle class, and it’s clear that they will own the next crisis.
Senator Rand Paul gets it. Do any of the other 2016ers?
Terry Schilling is the executive director of American Principles in Action.
