Via Economic Policy Journal

New York Federal Reserve President John Williams is now claiming that the mandate of the Federal Reserve is the socialist theme of “shared prosperity.”

I have no idea what Willaims is attempting to claim the Fed can do to achieve this mandate of  “shared prosperity,” given the way it currently operates.

The Fed is about taking care of the elite. This is why they manipulate the money supply and interest rates, to prop up the capital goods sector during the boom phase of the boom-bust business cycle.

Williams is pretty close to babbling total nonsense here, beyond normal Keynesian nonsense.

RW




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