Respectfully submitted by Lawrence E. Rafferty (rafflaw)-Guest Blogger
This past week the main stream media made a big deal about the unemployment rate declining to the five-year low of 7%. While it was good news that over 200,000 jobs were added to the economy and that the unemployment rate decreased, the economy and main street are still lagging behind Wall Street. The Federal Reserve has been attempting monetary easing strategies in an effort to stimulate the economy. It may have worked for Wall Street, but the rest of us are still catching up.
“The Federal Reserve is the only central bank with a dual mandate. It is charged not only with maintaining low, stable inflation but with promoting maximum sustainable employment. Yet unemployment remains stubbornly high, despite four years of radical tinkering with interest rates and quantitative easing (creating money on the Fed’s books). After pushing interest rates as low as they can go, the Fed has admitted that it has run out of tools.” Ellen Brown Continue reading “Revamp the Federal Reserve”
















