There is a magnificent battle over the role of the Federal Reserve in American politics, with economists, media, lawmakers, business leaders, and pundits grappling with how to explain to the American people the role the central bank needs to have for the best quality of life for the American people.
The difference in mindset about the purpose of the Fed has a lot to do with how much the government spends and how much of their spending translates to assisting the American people- over how much spending favors the elite class of politicians and their chosen associates.
Think Woke Green New Deal. Conservatives see that the Democrats have misused the funds we are forced to give them, and now we are struggling to pay our own bills.
According to it’s bio: The Federal Reserve System is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the monetary system in order to alleviate financial crises.
Some people have wanted to see an ‘end to the Fed’ since it’s founding- the battles have been ongoing and are heightened now that the Democrats have tanked the quality of life for so many people.
The economics that drives the policies out of the Fed are very divided with a totally different focus for its proponents and its detractors-making fighting over money and opportunity to create wealth a divisive issue.
“The Federal Reserve is hiking interest rates at the most forceful pace in decades and has made clear it is far from stopping,” The Washington Post reported on Thursday, indicating that the left’s messaging on the issue was going to be one that is very different from what Steve Bannon, host of the War Room program is laying out.
WaPo reported with more details about the left’s point of view:
“This was good news, but I wouldn’t dramatically change my view of the world based on one data point. We’ve had false dawns before,” said Jason Furman, an economist at Harvard University who was a top economic adviser to President Barack Obama. “One should feel better about inflation today than one felt yesterday. Just not much better.”
Bannon, a former investment banker at Goldman Sachs and a Populist economist, wants the Federal Reserve shut down, because he sees the institution as a cause of great problems for the working class, who he wants to champion.
In August, Bannon gave a speech at CPAC in Dallas, Texas to a large group of Conservatives and talked about the Federal Reserve:
Full speech: https://t.co/qusAr4P0WC
— Capitalist Pigs (@capitaliztpigs) August 11, 2022
On Nov. 3rd from his War Room program, Bannon told his supporters to expect an angry mob at the Fed:
“Everybody’s getting crushed, and what the Fed chair just told you because of your policies, it’s going to get worse. By next summer, the commercial real estate business will be collapsed. The residential housing market will collapse, the construction market will collapse, and unemployment will be raging everywhere because of your actions. And you’re going to sit there and tell me – the armed and angry mob you’re talking about is going to be guys going to the Federal Reserve, outside, the temple down there, that’s going to be the armed and angry mob because of your policies,” Bannon said.
Nov. 8th Bannon told Info War audiences that one of the first things the Republicans need to do when they return to DC as the victors- is to seize control of the Federal Reserve:
— Gary Giovingo (@GaryGiovingo) November 10, 2022
Here is what Bannon told Alex Jones:
What are the first things we need to do? When the Republicans take the house and change the leadership there, we need to have the citizens force the agenda to begin the impeachment of Biden. When we take the house and we have something to do before then too, with this lame-duck administration.
If we allow them an unlimited raising of the debt ceiling without us taking ownership of the Federal Reserve, then I’m saying, hey it should be no increase in the debt ceiling without massive cuts in spending and that’s not so sure.
We need to focus on Security and Medicare. But we have to do that, we have to have massive cuts. In addition, we have to take ownership of the fed 24 Banks.
The prime Brokers can’t own the Federal Reserve this system can’t go on. If you’re going to touch the debt ceiling, the trade-off has to be that the Federal Reserve, the currency of our country, goes into a public trust.”