A misnomer given to an economic system where a central bank controls interest rates and promotes inflation. Interest rate signals from private banks are not market-based. Money is unsound.
Features: Declining wages for workers, damage to the manufacturing base, expansion of the government.
A: Late capitalism is making life difficult.
B: Hey, dude, the difficulty has nothing to do with capitalism. The Fed is running a system of unsound money and not letting market forces work.
A: Then, let's end the Fed.