Our socialist fate was sealed when banking risk was socialized via the Federal Reserve Act. From David Stockman at internationalman.com:
Socialist central planning has been elevated to a new art form based on control of the economy from the commanding heights of finance.
Central banks were once in the money business, in the sense of securing its availability, liquidity, and stable value. But the contemporary Fed never says a peep about the place where money arises and dwells — the financial markets — while gumming endlessly about the Main Street economy and the condition of and its targets for the components and constituents of GDP.
During the last 43 years, total financial assets held by the household sector have increased by a staggering $100 trillion. And that’s just a proxy for the massive levels of bank deposits, money market funds, bonds, publicly traded shares, and private equities that flow through the warp and woof of the nation’s $21 trillion GDP.
Total Household Financial Assets, 1977–2020
The Fed spent the last 13 years capping and smothering the money market rate.
That’s socialism by any other name.