When it comes to the Fed, Congress is mired in hypocrisy. The anti-regulation, de-regulation crowd on Capitol Hill shuts its mouth when it comes to the most powerful regulators of all – you and the Federal Reserve. Meanwhile, Congress goes along with the out-of-control, private government of the Fed—unaccountable to the national legislature. Moreover, your massive monetary injections scarcely led to any jobs on the ground, other than stock and bond processors.
– From the post: Ralph Nader Destroys the Federal Reserve in Open Letter – Calls it “Out of Control, Private Government”
If I had to choose one single institution and one single individual most responsible for the weak, putrid and unbelievably corrupt oligarch-controlled U.S. economy, I would choose the Federal Reserve and Ben Bernanke.
The central planners at the Fed have systematically funneled trillions of dollars into the pockets of those who least needed and deserved it least, and in the process served to further enrich and entrench a criminal oligarchy while pounding the middle class into oblivion. What’s worse, the financial armageddon faced thus far by the 99.99% is just getting started.
Thanks to the 0% rate targeted by the Federal Reserve, pensions simply can’t get a decent return without moving further and further out on the asset management risk spectrum, and even then, it’s still not sufficient.
Today’s Wall Street Journal article on the topic shines a much needed light on just how dangerous this whole charade has become. Here are a few excerpts:
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