A Federal Reserve … of Employment?
A couple of weeks ago, MacroScope highlighted a proposal by Yale Professor Martin Shubik for the creation of a Federal Reserve Authority of Employment or FERA. Now, we speak directly to Shubik on MacroScope TV, where he outlines the details of his plan. The economist argues that FERA would be an intelligence-gathering agency that could direct public and private monies toward projects that can adequately address the nation’s growing jobless problem, preventing wasteful spending. The U.S. unemployment rate soared to 8.9 percent in April, its highest since 1983.