Social Diversity to Tackle Inflation []

Social Diversity to Tackle Inflation

08/30/2022Robert Aro

This is an actual news headline from the Associated Press, published over the weekend:

Fed tackles inflation with its most diverse leadership ever

It’s true that when forming a board of directors, an organization can greatly benefit from a variety of competencies. But when “they” in the media or Federal Reserve discuss diversity, they aren’t referring to a diversity of opinions nor schools of economic thought such as Austrians and Neoclassical.

By “diversity,” they mean skin deep, literally skin color, or in the most private of matters, the sexual partner someone chooses. As the article explains:

There are more female, Black and openly gay officials contributing to the central bank’s interest-rate decisions than at any time in its 109-year history.

William English, a former member of the Fed who now teaches at Yale said:

There’s evidence that diverse groups make better decisions.

Agreed. Having a diverse background in economics would help the decision-making process; but again, this is not the diversity they seek. History shows becoming a high-ranking member of the Fed requires a total commitment to accepting economic fallacies and false narratives.

Judy Shelton is a woman, but asked too many questions about concepts such as a stable currency, currency manipulation, and even mentioned the gold standard. Her thoughts were clearly “too diverse” both within the Fed and for members of Congress who greatly benefit from easy money policies. Based off of how poorly Judy was received, it’s likely these new hires, no matter how diverse or who their bedfellows may be, will never ask questions about the nature of the Fed or the existence of deposit insurance, nor strive to advance economic thought or educate the public in any meaningful way. It’s apparent that thinking outside of the proverbial box is not tolerated.

Diversity at the Fed is merely superficial, hence why they look at physical instead of mental attributes. We’ve seen more than enough to know the only thing that matters is that they keep the system grinding for as long as possible. This can only be done by hiring Yes-Men (or women, or other).

On Sunday, under their article post, I asked the Associated Press on Twitter:

Econ Circus tweets asking Associated Press to explain the article

No response was given, but they’d have very little to say. Intellectual thought and polite discourse haven’t been seen in the public arena for quite some time. This is not to say that racial and sexual discrimination do not exist, or aren’t important issues; but not everything in life is about race and sexual orientation. In the case of the Fed, they created $5 trillion in the last two years to buy mostly debt, artificially suppressed interest rates, destroyed price discovery, debased the US dollar, and set in motion the next big crisis.

So I kindly ask again, what does sexual orientation and race have to do with any of this?

Here’s the thing: Once you’ve read just a little bit of Austrian economics, it allows you to start thinking about sound economic reasoning. You’d quickly be able to do things like define inflation and may even take an interest into economic history pre-Keynes. Eventually you’ll start reading about long forgotten ideas, such as the socialist calculation debate or the pretense of knowledge.

Ultimately, those in the liberty crowd, especially those who understand how a central bank impoverishes societies, causes recessions, and are the primary reason behind inflation problems, will conclude that all this talk on diversity at the Fed is nothing more than a distraction tactic. Clearly, the best way to keep the masses ignorant of economics is to not teach economics. One of the best ways to distract the crowd is through division among lines of race, gender, and sexual preference, while adding a social (conditioning) message in everything.

The silver lining will be a hard one. Some time in the not-to-distant future, when everything the Fed is doing today ends up failing, when the US debt and money supply are at even more unfathomable levels, when the stock market crashes and the next round of Quantitative Easing begins, just remember: This was not caused through lack of physical or sexual diversity, but the willful ignorance of basic economic concepts centered around human action and the societal benefit of a having a free and unhampered market.