Big event
A big event that is too exciting
American politician David Stockman actually launched a super fierce attack on the Federal Reserve!
In Nairobi (CoinChapter.com), American politician David Stockman has been slamming the Fed’s recent decisions! On May 27, 2024, he seized on the rising cost of living and questioned the Fed’s position! Writing on InternationalMan.com, Stockman accused the Fed of favoring Wall Street to the extreme and leaving ordinary people alone! He made it clear that recent comments from Fed Chairman Jay Powell revealed a surprising news that the Fed is about to start cutting interest rates even though inflation is still as severe as a demon!
The Fed was severely criticized by Stockman! American politician David Stockman slammed the Fed for completely ignoring the lives of ordinary people! Since January 2017, the cost of living has skyrocketed by 28%! Food prices have risen by 32%, housing costs have risen by a staggering 34%, and energy costs have not been outdone by 35%! Such terrible inflation has brought a huge impact like a tsunami to families and businesses! Stockman believes that the Fed's interest rate cuts will only make those on Wall Street happy, and then trigger more crazy financial speculation and asset inflation! He loudly accused the Fed of turning a blind eye to the wider economic pain and only seeing the golden financial market!
Check out these jaw-dropping cost of living increases since January 2017! Source: U.S. Bureau of Labor Statistics.
Stockman emphasized that the Fed's policies have not alleviated the huge financial pressure on ordinary Americans! On the contrary, these policies have widened the gap between the rich and the poor like a chasm! Wall Street investors are enjoying the super benefits of cheap credit, while ordinary people are struggling in the painful abyss of soaring prices and stagnant wages! Stockman criticized the indicators that the Fed relies on for not being able to reflect the real economic difficulties! He strongly called for a more pragmatic and effective approach to be adopted, and to fully consider the long-term and far-reaching impact of inflation on ordinary families!
This so-called economic stability was a futile farce! Wall Street investors were enjoying the benefits of cheap credit while Main Street was suffering from rising prices and stagnant wages! Stockman felt that interest rate cuts would not solve the problem of inflation! Instead, they would only further burden the miserable burden of families who were already deeply in debt! He pointed out that the ratio of household debt to income had soared from a paltry 70% in 1960 to a staggering 227% in 2009!
Major adjustments to the Federal Reserve’s interest rates and the financial crisis: Source: Coinchapter.
Even with the recent deleveraging, the ratio is still a staggering 166% as of the fourth quarter of 2023! Stockman claims that the Fed’s policies have failed to drive productive investment and real economic growth! He emphasizes that industries like healthcare and education are not affected by low interest rates at all, but are driven by government funding and tax policies!
The Fed’s so-called “financial stability” measures often bring more instability than they actually cause. Past financial crises have been triggered by the devilish combination of aggressive monetary policy and low interest rates. Historically, these interventions have led to asset bubbles and crashes, causing untold damage to the overall economy. We urgently need policies that prioritize sustainable economic growth over short-term financial gains.
David Stockman asserts that the Fed’s actions are simply a super preference for Wall Street, while the interests of ordinary people are seriously damaged! He warned that continued interest rate cuts will not only fail to solve the real economic challenges, but will further exacerbate the crazy financial speculation! Stockman’s analysis strongly urges the Fed to reassess its priorities and advocate for policies that can truly solve inflation and support sustainable economic growth! The news that American politician David Stockman fiercely criticizes the Federal Reserve first appeared on CoinChapter!
