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In fact, a 1988 target of zero inflation was set. The law let Congress revise goals over time, but its purpose was to achieve sustainable, full employment low inflationary growth with Fed governors providing responsible monetary policy to help.
Instead, before and after Humphrey-Hawkins, they've been economic crashes, multiple recessions, instability, high inflation, soaring unemployment, the Great Depression, and today's Greatest Depression expected to persist for years and leave incalculable human wreckage behind.
Fed policy also caused soaring consumer debt, record budget and current account deficits, an unprecedented national debt at exceeding 118% of GDP rising exponentially, high levels of personal bankruptcies and mortgage loan defaults, America's manufacturing base offshored abroad, a secular declining economy, an unprecedented wealth disparity, over one third of US households impoverished, eroding social services, and a nation pursuing unbridled militarism helped by Fed complicity funding it.
A Final Comment
Clearly, money power in private hands failed. It's wrecking the country, devastating the American dream, impoverishing millions, destroying jobs, contaminating the environment, and funding America's military machine that's ravaging the world one country at a time, and threatening humanity with extinction.
Job one should be stopping this monster from doing more harm, returning money power to public hands, using it responsibly to restore what decades of Fed policy destroyed, and hope it's not already too late.
OWS and global protesters must grasp this as top goal to achieve others for long-denied social justice currently being lost entirely because corrupt politicians plan it with bankers.
Stephen Lendman lives in Chicago and can be reached at Email address removed .
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