October 2022

The Fed’s Fiduciary Fumble

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The Covid pandemic created a lot of economic changes. Privileged employees who taunt their employers and claim they will never return to their office. Wages moved up because of a lack of talent. (“Talent” is human resource jargon for employees.) Members of the U.S. Congress made high-yielding stock purchases because of inside information, and now dare their constituents to try to make such inside information trades illegal while they waive their gains in the face of their electorates.

Some information before we continue. There is a public organization called the Federal Reserve System. No, wait, it is a private organization. No, wait, the Fed, as it is called, is, um, both. Owned by the banks (big ones, naturally) the Fed is a privately held public organization, and don’t you dare ask the names of those banks. After all, knowing the names of those banks would open to public scrutiny decisions about interest rates charged to the public, and we just can’t have that, now can we? After all, private organizations that have a vested interest in public policy deserve their privacy, now don’t they? If only they were on Facebook, then we could buy all of their personal information, but no, they have far too much money for that to happen.

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