Years ago when I was a boy programmer we used to have a joke about the big computer systems.
We would say that the systems programmers would get the operating system working just right. The only problem was when users came on the system on then everything went to hell in a handbasket.
So too it is with many insular specialists like the Fed. They are virtually owned by the Banks, and have their roots in a very incestuous profession in which the group think is powerfully motivated towards the care and cultivation of the financiers and their money flows and the system that supports them.
Well, I think we can all see what giving more and more power to the Fed as regulators, and unleashing the ability of Big Money to buy politicians by the gross lot has done for us.
And this is why we have so many hard-to-understand things going on with Big Finance, and Big Pharma, and all the other things that are sending the US into a Third World recovery.
Have a pleasant weekend.
