“Steve Forbes Criticizes Fed’s Interest Rate Hikes as ‘Unnecessary Pain’ – Insights on Bitcoin and Economics”
previously anticipated,” Forbes wrote in an op-ed for Forbes. “This is a mistake that will inflict unnecessary pain on the U.S. economy.”
Forbes argued that the Fed’s interest rate hikes are hurting the economy by making it more expensive for businesses to borrow money and invest in growth. He also criticized the central bank’s approach to inflation, saying that it is “fundamentally flawed.”
“The fundamental flaw in central bankers’ and most economists’ approach is their belief that inflation is caused by too much demand chasing too little supply,” Forbes wrote. “In reality, inflation is caused by too much money chasing too few goods and services.”
Forbes called on the Fed to adopt a new approach to monetary policy that focuses on stabilizing the value of the dollar and promoting economic growth. He also urged Congress to take action to reform the Fed and ensure that it is accountable to the American people.
“Now is the time for Congress to act to reform the Fed and ensure that it is accountable to the American people,” Forbes wrote. “We need a monetary policy that promotes economic growth and stability, not one that inflicts unnecessary pain on the U.S. economy.”