September 20, 2016
As I alluded to in my Stapleton Gallery post on my Facebook page most of the United States’s economic troubles in recent years have been caused by dysfunctional political systems. In order to get elected politicians have to raise money from the rich who demand lower taxes in return. Lower taxes for the rich have prevented using fiscal policies such as infrastructure projects to create good jobs and stimulate economies, forcing the Federal Reserve system to use monetary policies attempting to stimulate economies and create good jobs, which has not worked very well.
After creating trillions of digital monetary units by simply typing digits into computerized bank accounts and calling it money, and then “lending” this “money” to banks, traders and corporations at very low interest rates, what the Federal Reserve mainly accomplished was to inflate stock markets and bond markets, enriching some of the rich, but not helping the citizens needing good jobs very much.
The bottom line: the United States needs better voters who will elect better politicians who will vote in the interests of all voters and citizens. Unfortunately there are scant signs this will happen any time soon.