“Inequality in the U.S. today is near its historical highs, largely because the Federal Reserve’s policies have succeeded in achieving their aim: namely, higher asset prices (especially the prices of stocks, bonds and high-end real estate), which are generally owned by taxpayers in the upper-income brackets. The Fed is doing all the work, because the President’s policies are growth-suppressive..... The greatest irony is that the President is railing against inequality as one of the most important problems of the day, despite the fact that his policies are squeezing the middle class and causing the Fed – with the President’s encouragement – to engage in the radical monetary policy, which is exacerbating inequality. This simple truth cannot be repeated often enough.” ~ Paul Singer( hedge fund manager, investor, philanthropist, founder and CEO of Elliot Management bit.ly/1BxxCoY) quoted in “The US Is Now 50% More Unequal Than Ancient Rome (And That Includes Slaves)” bit.ly/10gzmHI [Note: as economist Joe Salerno has observed: “It is important to distinguish between inequality generated by consumers and consumer demand and inequality generated by government income plundering “ youtu.be/HBIkj6UdlQg Obviously, Paul Singer is referring to the latter]
Posted on: Tue, 30 Sep 2014 00:38:26 +0000
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