"However, interest rates are controlled by a politburo of central planners at the Federal Reserve, not set by the market like any other price.
It’s bizarre that most people don’t understand the implications of this or thoughtlessly accept it as a “normal” part of a supposed free-market economy.
Further, it should be self-evident to everyone that economic central planning doesn’t work.
In Marx’s Communist Manifesto, the 5th plank calls for the “centralization of credit in the hands of the state, by means of a national bank with state capital and an exclusive monopoly.”
That is a perfect description of the Federal Reserve and other central banks.
In reality, the Fed is nothing more than a politburo of bureaucrats attempting to centrally plan the economy by tinkering with the money and interest rates—the most important prices in all of capitalism.
Even if we presume the Fed has benign intentions—which it doesn’t—central planning is impossible, and failure is inevitable."
Most people still think the US has "free market capitalism", if you can believe that! Dumber than a doorknob, as they say...the definition of Eloi, and, sadly, nothing we can apparently do to help the poor critters.;-/
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