Largest Theft in History
As expected, Ms. Yellen smiled last week, announcing no change to the Fed’s extraordinary policies. For the last eight years, she has been aiding and abetting the largest theft in history.
Thanks to ZIRP (zero-interest-rate policy) and QE (quantitative easing), every year, about $300 billion is transferred from largely middle-class savers to largely better-off speculators, financial asset owners, and the biggest borrowers during that period – corporations and the government.
The financial press, nevertheless, finds something vaguely heroic about enabling the grandest larceny ever. Bloomberg:
‘Federal Reserve Chair Janet Yellen braved mounting opposition inside and outside the U. S. central bank and delayed an interest-rate increase again to give the economy more room to run.’
The U. S. economy is barely limping along. As we noted last week, when you adjust nominal GDP growth by a more accurate measure of inflation – David Stockman’s ‘Flyover CPI’ – you see that the economy is actually in recession. Room to run? It is backing up!
Bloomberg continues its brain-dead coverage:
This post was published at Acting-Man on September 27, 2016.