There’s a protest movement building in the United States that is “fed up” with the Fed and wants to apply pressure to the most powerful institution of the global capitalist system.
This week, the movement’s representatives are traveling to the legendary annual meeting of international central banks in Jackson Hole, Wyoming. The central bankers have apparently even relaxed their dress code for their meeting with the protestors, so as not to seem too much like bankers.
The critics have appropriated the motto under which Fed chair Janet Yellen began her term in office: “The Fed is there for everyone.” The so-called Fed Up movement’s most important demand is that the central bank should keep interest rates low until the job market truly picks up speed and labor unions have a chance to achieve significantly higher wages.
These rebels accuse the central bank of deliberately curbing economic growth in the United States. They’re demanding the Fed promote the sort of economic development that benefits all Americans, not just the rich.