I think it's also important to keep in mind that the U.S. economy does not exist in a bubble, and while no one wants to admit it, the U.S. economy is not entirely under the control of the Fed. There are much larger global forces at work right now, and a heckuva lot of geopolitical upheaval and uncertainty transpiring, which is causing a rise in fuel prices, supply chain disruptions, etc. Or, further exacerbating trends that were already happening.
Of course, none of that is comfort to anyone who is financially hurting right now. I just think it's important to remember that the factors leading to the current economic condition aren't entirely within the U.S, and aren't entirely going to be solved by the U.S. either. I think we ascribe way too much power to the Fed that it doesn't really have.
Beyond that and in the bigger picture, I believe we are witnessing the end of globalization as we've grown accustomed to it over the last 50 years or so. This may ultimately be a good thing in some ways, at least for those of us lucky enough to live in places wiith abundant resources and manufacturing capacity. But it's going to involve some pain, especially for those places that have neither.
. Hmmm. I wonder if Walmart is still hiring greeters!
