East Bay Times Letters to the Editor for Dec. 30, 2022
,” Page A6, Dec. 23), Bruce Joffe commits a rookie error in economics by equating demand with household consumption.
“Demand” includes all consumption, including government, consumers and the businesses that Joffe wants the Fed to stimulate. Trying to lower inflation by reducing interest rates in the belief that supply excesses will control prices amounts to a dog chasing its tail. All that new supply increases demand before it gets to store shelves.
The problem is even worse if supply is constrained by external forces like factory closures in China. Lower interest rates boost consumer demand while supply is unable to react. [For the record, though, I think the Fed has now done more than enough.]It is rather amusing, given today’s corrupted and manipulated financial system, privileged boy Sam Bankman-Fried, having secured a $250 million bail bond, is allowed to stay at home with mom and dad in Palo Alto. .
On a positive note, one can hope that justice might be served, however unlikely. But for the future, maybe they’ve learned their lesson about the legitimacy of the latest and greatest way to “invest,” and create money out of thin air.Until recently, newspaper outlets and their journalists have been silent on their support of Julian Assange. The New York Times is the only U.S. publication that has publicly expressed support for the release of Assange.
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