LOL! I mean, I actually agree with your first comment a bit since the Fed has been reduced to a "jaw boning" organization, and they're not fixing anything. Hopefully, they don't cause a crisis.
However, you both miss the goals of the Fed (yes they want long term inflation to be 2-3% without interest rates at the zero bound) and the causes of the recent "inflation". The rapid disinflation we've seen while wages increase is not a typical inflationary spiral, and neither were the supply chain disruptions that ripped through the entire world (I hear there was a pandemic). The dollar has been by far the strongest international currency for the entire run so monetary inflation this is NOT (Gold was flat from July 2020 until Feb 2024). Even then the Fed's intervention in both expanding/contracting balance sheets, and in bank regulation has had a miniscule effect relative to the pandemic spending at $4T (under Trump) and $2T (under Biden) of the US Treasury (and congress) in issuing more debt.
I mean, if we've painted ourselves into a corner, then it's the biggest corner in the world (you certainly don't want to look to Asia or Europe for low debt/gdp numbers - only India seems relatively low). When geopolitical and environmental risks appear more immediate than fiscal, that's a strange and concerning place to be, and it should focus attention from the usual boogiemen. Don't talk about oil prices since it was more expensive in 2008 than any time in the last decade.
However, you both miss the goals of the Fed (yes they want long term inflation to be 2-3% without interest rates at the zero bound) and the causes of the recent "inflation". The rapid disinflation we've seen while wages increase is not a typical inflationary spiral, and neither were the supply chain disruptions that ripped through the entire world (I hear there was a pandemic). The dollar has been by far the strongest international currency for the entire run so monetary inflation this is NOT (Gold was flat from July 2020 until Feb 2024). Even then the Fed's intervention in both expanding/contracting balance sheets, and in bank regulation has had a miniscule effect relative to the pandemic spending at $4T (under Trump) and $2T (under Biden) of the US Treasury (and congress) in issuing more debt.
I mean, if we've painted ourselves into a corner, then it's the biggest corner in the world (you certainly don't want to look to Asia or Europe for low debt/gdp numbers - only India seems relatively low). When geopolitical and environmental risks appear more immediate than fiscal, that's a strange and concerning place to be, and it should focus attention from the usual boogiemen. Don't talk about oil prices since it was more expensive in 2008 than any time in the last decade.