It’s the Fed, Stupid

The 21st century has seen two political movements replace the bipartisan status quo of the century before. The left moved away from the centrist liberalism of the Bill Clinton years to the Occupy Wall Street movement following the 2008 financial crisis. It now marches under the banner of “democratic socialism,” championed by two-time presidential candidate Bernie Sanders in the U.S. Senate and “The Squad” in the House of Representatives.

The right rejected the Bush administration’s neoconservatism in favor of smaller, more constitutionally limited government during the Tea Party years, electing a “Freedom Caucus” to Congress beginning in 2010. Now, this same caucus often runs afoul of the economic nationalists of the dominant movement on the American right today, the Make America Great Again (MAGA) movement led by Donald Trump.

Both the democratic socialists and economic nationalists seek roughly the same ends via different means. However, both fail to see the true cause of disproportionate income inequality, the erosion of the middle class, and the concentration of political power in the hands of a billionaire global elite. Rather than “unfettered capitalism,” decried by both movements, it is the distinctly anti-capitalist Federal Reserve System that is chiefly responsible for the societal ills they seek to cure.

Tom Mullen has appealed for over a decade to both sides of the political spectrum to cease being distracted by policies that make little difference – what he calls “blow dryers in a hurricane” – and focus on the true cause of most of America’s economic ills. He has one message for MAGA conservatives, Bernie Bros, socialists, libertarians, and independents: It’s the Fed, Stupid.

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Tom Mullen hosts the Tom Mullen Talks Freedom podcast an is the author of It’s the Fed, Stupid and Where Do Conservatives and Liberals Come From? And What Ever Happened to Life, Liberty, and the Pursuit of Happiness? His writing has been featured in Newsweek, The Huffington Post, The Washington Times, RealClear Markets,, and The Foundation for Economic Education. His podcast episodes and writing can be found at

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