Today’s financial hardships stem first, from the Fed’s unconstitutional existence, and second from the Fed’s decade of near 0% interest rates and QE. Those disastrous policies created a decade’s worth of bad and uneconomic investments. Rising interest rates under Powell are the cure to those very bad decisions. But the “hangover” is that all of the bad investments piled up since 2008 become exposed.

Of course, there are calls to turn the printing presses back on, which are calls to perpetuate the original problem and make it even worse. The Fed has no business fixing interest rates in any direction, or counterfeiting even a single dollar, but the big blunder was 0% rates and QE. That made today’s hardships inevitable.