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Why must I ALWAYS be right?
HHusky
Member Posts: 23,428
in Tug Tavern
The dollar slipped to multi-year lows against the euro and Swiss franc on Thursday as concerns about the future independence of the U.S. Federal Reserve undermined faith in the soundness of the country's monetary policy.
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The fed’s “independence” is what got us to $37 trillion in debt.
Your question is rhetorical satire, right?
That's why the dazzler totally supported Musk and Dodge's efforts to cut government waste and fraud. And why he voted for the incredibly successful DEI border hire/border czar so we could keep funding millions of new illegal aliens because putting new illegal aliens on US and state welfare was the best ROI he could imagine with his mythical MBA as the Tug leftard deficit hawk.
The fed that lowered rates to help Kamala Biden and wont do shit now
And oh no not the Swiss franc
The importance of an independent Fed was cemented for most economists after the extended inflation spike of the 1970s and early 1980s. Former Fed Chair Arthur Burns has been widely blamed for allowing the painful inflation of that era to accelerate by succumbing to pressure from President Richard Nixon to keep rates low heading into the 1972 election. Nixon feared higher rates would cost him the election, which he won in a landslide.
Paul Volcker was eventually appointed chair of the Fed in 1979 by President Jimmy Carter, and he pushed the Fed’s short-term rate to the stunningly high level of nearly 20%. (It is currently 4.3%). The eye-popping rates triggered a sharp recession, pushed unemployment to nearly 11%, and spurred widespread protests.
Yet Volcker didn’t flinch. By the mid-1980s, inflation had fallen back into the low single digits. Volcker’s willingness to inflict pain on the economy to throttle inflation is seen by most economists as a key example of the value of an independent Fed.
Weren’t you saying that raising interest rates wasn’t how inflation came back down?
Do you have any serious questions?
A battered dollar is taking another beating as investors, unnerved by fresh signs of an erosion in U.S. central bank independence, waste no time in pushing the greenback back to its lowest levels in over three years.
Obvious solution is to increase social spending on illegals and the homeless and of course our First Tier national education system. These investments funded by printing dollars is sure to increase the value of the dollar.
Gasbag helpfully explains that we don't want to have the World's reserve currency and that we deserve to decline because social programs, obviously.
Stick market approaches a record high and the Swiss franc enters the chat
And the hive surrounds Volcker to protect him as he works to slow the economy
What's good for America is bad for democrats
Cut and paste some more bullshit
I forget who was the ostensible President on September 18, 2004?
H desperate these days.
That says it all
According to the International Monetary Fund, the entity in charge of monitoring the international monetary system, there are eight major reserve currencies: the Australian dollar, the British pound sterling, the Canadian dollar, the Chinese renminbi, the euro, the Japanese yen, the Swiss franc and the U.S. dollar.
Oh look another retarded paste job guys!!!
Meltdown by H yet again. Daddy must be succeeding.
So when BidenFlation was raging it was OK to cut rates but when inflation is down and the economy is taking off. Got it! The CommieBros cheer!
Highlighting Race's ignorance is soooo meltdowny, of course.
#AlwaysRight