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Editorial

Does the FED Know What It’s Doing?

I am watching, as I believe you are, dumbfounded by the new disaster that is taking place in the banking sector, both in the United States and in Switzerland – if you can imagine, in Switzerland!

The same violin plays every few decades. Some bank fails. In some places they ‘mow down’ the people’s money with ‘haircuts’, and in others they use more of the taxpayers’ money to bail the banks out, all in the name of the ‘sanity’ they supposedly possess, claiming to serve the interests of the people and the depositors.

But what can we do, now that it is done? “Should we let the financial system collapse,” say the bankers and ‘experts’, without a trace of shame.

Basically they are telling us that they are doing us a favor by taking depositors’ and taxpayers’ money to avoid the worst.

Meanwhile, while they are being paid handsomely, they sell the shares they own in the banks they ran months ago and live a life of luxury.

And what about the people who had, for example, shares in Credit Suisse, which, please note, lost 60% of their value in a few days? And what about the tens of thousands of bank employees of the banks being absorbed by other banks who will be laid off? Why are they to blame when their bosses, steeped in greed, make one bad decision after another?

But another crucial question must be asked: Does the FED know what it is doing?

After a decade of virtually negative interest rates, and after inflation started to soar, they proceeded to raise interest rates, and they did so very late and very hesitantly at first. (For a good book on this subject read ‘The Lords of Easy Money: How the Federal Reserve Broke the American Economy’ by Christopher Leonard).

What should people do with the money they earn with their sweat? Were the old folks who hid it under their mattresses right?

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The recent tragicomic events at the church of the All-Holy Taxiarhes in the area of Megalo Revma of Constantinople, specifically, the assault by Archimandrite Chrysanthos on Metropolitan Athenagoras of Kydonion which involved the slapping of the archpriest's cheeks while he was venerating the icon of the Virgin Mary, are not only lamentable but also pitiful for the Patriarchate itself.

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