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Fork the Economy

I’ve given up on fixing the economy. The economy is not broken. It’s simply unjust. There’s a difference.

We have to stop looking at our economy as a broken system, but one that is working absolutely true to its original design. It’s time to be progressive — and this means initiating systemic changes.

For example, Bernie Sanders’ well-meaning calls to rein in the banking industry by restoring the Federal Reserve’s function as a “regulatory agency” reveals the Left’s inability to grasp the true causes for today’s financial woes. We are not witnessing capitalism gone wrong — an otherwise egalitarian currency system has not been corrupted by greedy bankers — but, rather, capitalism doing exactly what it was programmed to do from the beginning. To fix it, we would have to dig down to its most fundamental code, and rewrite it to serve people instead of power.

First off, the role of the Federal Reserve was never to serve as an “agency.” It’s not like the Environmental Protection Agency, which is charged with regulating corporate destruction of the natural world — however woefully it may be carrying out that purpose. Rather, the Fed is a private corporation — a banker’s bank owned by the banks — created to guarantee the value of currency. It was built to serve the dollar and maintain its value by fighting inflation. When the Fed is feeling magnanimous, it can also lend extra money into existence, in the hope that it will be invested in enterprises that employee people.

The actions of the Fed, however, are limited by the way our money, central currency, was designed to work. It was developed back before the Industrial Age, as a waning European aristocracy sought to stem the rise of the merchant middle class.

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