The Fed’s Role in Dismantling Capitalism
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Inspiration for article ideas come from a wide variety of sources. This article's motivation is from "Compared to What," a classic jazz tune written in 1966. It was made famous in 1969 by Les McCann and Eddie Harris at the Montreux Jazz Festival and has been covered by over 200 artists. The song is a protest about Vietnam, crime, and economic and social inequality.
Fifty years later, there is no Vietnam war to protest, but social and economic inequality are again front-page news.
After casually listening to the song, one line in it, "Unreal values, Crass distortion," hit me over the head. The quote would have been perfect for several articles I have written to describe the economy and markets.
Alas, those words also accurately describe the Fed's role in redefining "capitalism," the topic of this article.
Don't blame capitalism
It has become popular to blame capitalism for today's economic inequality issues. I wholeheartedly disagree. The fault lies in Washington, D.C. for redefining capitalism.
Corporations own Capitol Hill and the Oval Office. Their ability to fund elections ultimately allows them to pick our leaders. Candidates unwilling to take corporate money have little chance of winning elections. Once a politician is bought, the laws are written to benefit mainly corporations.