The political class is upset that the population doesn’t support, trust, or believe in established institutions anymore. From the central bank to the federal government to the education system, a lot of people are becoming skeptical – and it was about time.
But this isn’t pleasing some of the elite, including former Federal Reserve Chair Paul Volcker, who griped to New York Times columnist and CNBC “Squawk Box” co-anchor Andrew Ross Sorkin that it is difficult to deal with the fact that more of the serfs are losing trust in the pillars of society.
“At least the military still has all the respect. But I don’t know, how can you run a democracy when nobody believes in the leadership of the country?” he said.
“There is no force on earth that can stand up effectively, year after year, against the thousands of individuals and hundreds of millions of dollars in the Washington swamp aimed at influencing the legislative and electoral process.”
Aw.
You can’t blame the public. A $22 trillion national debt, $120 trillion unfunded liabilities and expenditures, non-stop wars, big government, the Fourth Estate heavily biased to the left, and Wall Street and industry receiving bailouts
But there was one interesting facet of the comments that provided more evidence that the Federal Reserve isn’t really an independent institution but rather a political body.
Volcker talked about how former President Ronald Reagan ordered “you not to raise interest rates before the election.” That’s a remarkable revelation.
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