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Federal Reserve Cuts Rates
The Federal Reserve announced a quarter-percentage-point cut in benchmark rates yesterday, bringing the range to between 4% and 4.25%—the lowest level in almost three years. The bank signaled the possibility of two additional cuts this year.
The decision saw the Federal Reserve prioritizing a hiring slowdown over inflation. A sluggish 22,000 jobs were added last month; weekly jobless claims reached their highest level in four years last week. The US has also downwardly revised job growth by 911,000 for the one-year period ending in March. Those concerns trumped sticky inflation, with consumer prices rising 2.9% annually last month.
The bank voted 11-1 in yesterday’s decision, with the only dissenter being newly appointed Fed Governor Stephen Miran, who preferred a half-point cut. Governor Lisa Cook participated in the meeting after an appeals court ruled the White House lacked authority to fire her. The White House plans to appeal to the Supreme Court.
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“Only government can take perfectly good paper, cover it with perfectly good ink and make the combination worthless.” — Milton Friedman
Why do we have a “Federal Reserve Bank”?
The Federal Reserve Bank is a misnomer. IT ain’t “federal”. It reserves nothing. And, it ain’t a “bank”. It is a private cartel of the elite banks run for their benefit and that of the entrenched politicians.
Why do we need them to “set” interest rates?
We don’t, In essence, they are “price fixers”. And, as we know, no one can know the correct “price” of anything. The free market allows buyers and sellers to set a price where they are both “satisfied”. Otherwise, it “win-win” or “no deal”.
Why is there one “prime rate” of interest?
Because that allows the Gooferment to manipulate the market. By hiding the “true cost” of money (i.e., the interest rate), buyers and sellers are making decision based on a fiction. Everyone loses.
Why do we have “inflation”?
Milton Friedman: ‘Inflation is taxation without legislation.’ The FED “prints” money and the market reacts to the change in “the supply of dollars”. It’s a silent thief that steals wealth from everyone who has an “old dollar” especially the poor, those on fixed incomes, and savers.
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As gun-owning pro-life pro-choice little L libertarian, the market for money should be free from Gooferment. The Federal Reserve has been unable to “provide the nation with a safer, more flexible, and more stable monetary and financial system” which is its intended purpose. So let’s follow Andrew Jackson’s lead and end the Federal Reserve Bank.
FYI, he was the last President to have zero debt.
Argh!
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Posted by reinkefj 
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