One expression explains the Fed’s pillaging of the country to benefit the few at the expense of the numerous: abuse of power.
To confess that the fate of the whole global economy now rests on the mumblings of a fossilized Politburo fanatically dedicated to making the abundant richer is to 1) state the apparent and 2) admit the severe fragility of the worldwide monetary system. That it has actually come to this– all global markets skyrocket or collapse in unison based on the addled spew of the fossilized Politburo’s chairman– is overwhelming evidence that 1) the system is broken and 2) the fossilized Politburo has way excessive power and 3) the fossilized Politburo is abusing its power by improving the already-rich, years after decade, to the detriment of the bottom 90% and systemic stability.
Let me equate the incoherent ramblings of Chairperson Powell: let them consume cake (or more exactly, let them consume brioche), for increasing wealth and income inequality has actually been the Fed’s prime regulation because The Master Alan Greenspan started the Fed’s adjustment– oops, I suggest management— of the stock, bond and danger markets in the early 1990s.
The deadly synergies let loose by the Fed’s abuse of power were currently obvious to Greenspan by December 5, 1995 when he provided his well-known warning that equities were displaying “irrational enthusiasm.” The unreasonable spirit of those early days of the Fed’s abuse of power– stripmining the middle class to boost the wealth of America’s top tier– now look favorably charming compared to today’s Fed-fueled speculative mania which has actually poisoned the entire society and hoisted the economy on a weak ladder to the sky that will squash everything listed below when it lastly snaps.
It would be refreshing to ignore the Fed’s pathetic, tissue-thin justifications for making the abundant richer: we’re simply trying to improve inflation (the best way to impoverish the bottom 90%) and increase work … oh right, which should be why labor’s share of the economy has actually remained in a free-fall for the past 30 years of Fed adjustment/ abuse of power. (see chart below)
Let the record reveal what the Fed has actually accomplished: 1)inflating three ever-more destructive speculative bubbles and 2) extraordinary extremes of wealth and earnings inequality. The Billionaires are grateful for the complimentary trillions the fossilized Politburo showers on the super-wealthy while destroying the safe yields that once benefited the middle class.
One expression explains the Fed’s pillaging of the nation to benefit the few at the cost of the many: abuse of power. When will America lastly end the Fed’s reign of inequality and ever more severe abuse of power? When will we lastly relieve this disastrously fossilized Politburo into the dustbin of history? If we can refrain from doing so, the nation’s financial collapse is quickly predicted.
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