Recently, the whole world has been watching the Federal Reserve's rate cut schedule, hoping that a little liquidity will spill over to rescue the market. But a harsh truth remains: rate cuts and monetary easing fundamentally do not create economic growth.

1. The foundation of the economy is workload, not money supply

The cornerstone of a nation's economic development is the real workload performed by countless ordinary people (what some call 'the working horses').

Money is fuel, and the economy is an engine. Rate cuts merely lower the price of fuel. If the engine is already running, rate cuts can indeed make it run faster; but if the engine's pistons are rusted shut and its fuel lines are blocked, pouring more fuel into the tank will only result in overflow—nothing useful happens.

2. The vanished millstone: regulatory costs killing opportunities

Why can't today's working horses find anywhere to grind anymore? It's not because there's not enough money, but because the friction of grinding has become so unbearable it's suffocating.

Restrictions on speech prevent information from flowing freely, extinguishing the spark of innovation;

Account freezes during transfers make transactions nerve-wracking, undermining commercial trust;

Interrogations during withdrawals strip private property of dignity, destroying the motivation to accumulate.

When speaking a word, transferring money, or withdrawing cash requires constant scrutiny and self-proof of innocence, the institutional transaction cost exceeds the profit from production. The result? No one wants to provide a millstone anymore, and no one dares to pull the grindstone.

3. Financial ex vivo circulation and chronic bleeding of the real economy

When the real economy dies from excessive regulation, the released liquidity does not flow into factories and farmland, but instead circulates in financial derivatives.

Funds whirl wildly in stock markets, bond markets, and cryptocurrencies, creating an illusion of prosperity;

Meanwhile, the real working horses still can't find jobs, because that money never reaches the engine.

The real cure isn't rate cuts—it's deregulation. Only by easing regulations, protecting property rights, and respecting credit can individuals freely speak, safely transfer funds, and confidently hold assets. Then the vanished millstones will reappear, and the economy's engine will roar back to life.