Just over 30 years ago the U.S. Congress gave to the Federal Reserve a mandate to manage the economy so as to get economic growth. This mandate gave the FED an excuse to structure the economy so as to favor those with the most capital. What we need at this juncture in our history is a new and equitable mandate for the FED from a Congress that represents the common good, not an elitist interest.
Instead of growth, we should emphasize economic and ecological sustainability. The only way we will get there will be to restructure the stock market benevolently. We must eliminate the quasi-Ponzi design and replace it with an aggregated dividend system that gives a contribution measured share of ownership in the dividend flow of aggregated capitalism to all meritorious Americans. In this arrangement, states should act as federally restricted stewards to insure that productive infrastructure investment for the future trumps consumptive behavior for the now. In this way the vast majority of the population could receive a fairer share of the benefits arising from increases in productivity, business efficiency, and trade success.
In this election season, and in recognition of this watershed economic event that we’re going through, Americans everywhere should demand that the U.S. Congress rectify its mandate to the Federal Reserve. Regardless of which party’s candidate wins the election, this corrective measure is necessary. Otherwise, the U.S. Secretary of the Treasury, the Federal Reserve Chief, and other elite decision makers will have no imperative to protect the real interests of the electorate in the restructuring of Wall Street.