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QE Is “At Best An Unfair And At Worst An Evil Policy” | Zero Hedge
QE Is “At Best An Unfair And At Worst An Evil Policy” | Zero Hedge. (FULL ARTICLE)
Five years ago, when QE first started, we blasted the Fed’s “Plan Z” systemic rescue “policy” – which was merely a tried and true dilutive fallback plan used by every collapsing monetary regime starting with the Romans – stating it does absolutely nothing to resolve the biggest underlying threat to the economy and the western way of life, namely the epic accumulation of debt (most of it bad), courtesy of a Fed which has now unleashed a perpetual “buyer of only resort” QE (as we predicted months before QEternity was revealed), which instead only redistributes wealth from the middle class to the wealthiest 0.01%, while providing scraps to the poorest to keep them occupied and away from very violent thoughts.
We were quickly branded as conspiracy theorists, with the confused legacy media promptly resorting to ad hominem attacks: after all, that is what it really knows how to do when all else fails.
Five years, and 20 million Americans on foodstamps later, such conspiratorial thinking has permeated such bastions of the status quo as Citigroup, whose Matt King in a recent expose about the biggest debt bubble ever, showed that not only does record-er debt not fix a record debt problem, but that the “slate has not been wiped clean.” At least not yet: it will eventually, in a monetary supernova that has been only delayed, following which the Fed will, finally, be forever out of the picture. A welcome development.
So it is with great amusement that we watch how one after another vehicles of legacy, conventional thought turn, and confirm that Zero Hedge was hardly conspiratorial with our assessment back in 2009. We were just about 5 years ahead of the curve.
Enter the FT, which in an Op-Ed today titled “QE has stigmatised the well-off” says that “despite it being entirely justified as a save-the-world policy in its first round, it is still at best an unfair and at worst an evil policy. Why? Because of the way in which it redistributes wealth. Very low interest rates and the ongoing purchase of government bonds were supposed to lead to a huge investment boom as people put money into capital projects and new business that would yield a better return than they could get on cash or sovereign bonds.”
Some more amusing, if very overdue revelations:…
- A Corrupt System that Rewards Stupidity (dailyreckoning.com)
- Straight forward explanation of Monetary Policy and QE (simonedwards1915.wordpress.com)
- Janet Yellen’s Nomination Means Perpetual QE (realclearmarkets.com)
- Deepcaster: Preparing for The Big One (silverdoctors.com)
Marc Faber Blasts “A Corrupt System That Rewards Stupidity” | Zero Hedge
Marc Faber Blasts “A Corrupt System That Rewards Stupidity” | Zero Hedge. (FULL ARTICLE)
For the greater part of human history, leaders who were in a position to exercise power were accountable for their actions. If they waged wars or had to defend their territories from invading hostile forces, they frequently lost their lives, territories, armies, power and crowns. I don’t deny that some leaders were irresponsible, but in general, they were fully aware that they were responsible for their acts and, therefore, they acted responsibly.
The problem we are faced with today is that our political and (frequently) business leaders are not being held responsible for their actions. Thomas Sowell sums it up well:
“It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong.”
When political leaders or economic policymakers are seen to fail, the worst that will happen to them is that they won’t be re-elected or reappointed. They then become a lobbyist or an adviser or consultant, and give speeches, earning in the process a high income on top of their pension….
- How Marc Faber Prepares For “When The Shit Hits The Fan” (rvnewstoday.com)
- Marc Faber Warns “The Endgame Is A Total Collapse – But From A Higher Diving Board Now” (sgtreport.com)
- Money not Safe in The Banks (silveristhenew.com)
- Marc Faber Warns “Western Imperial Arrogance Will Ignite Middle-East ‘Powder-Keg'” (sgtreport.com)
China will replace America as the leading superpower, global attitudes survey finds | South China Morning Post
China will replace America as the leading superpower, global attitudes survey finds | South China Morning Post.
- China Seen Surpassing the US as Superpower in Polling – Bloomberg (bloomberg.com)
- China growing in power but popularity lags: survey – Reuters (reuters.com)
- Many Believe China Will Soon Overtake the U.S. as World’s Leading Superpower (entrepreneur.com)
5 Reasons that Both Mainstream Media – and Gatekeeper “Alternative” Websites – Are Pro-War | Washington’s Blog
5 Reasons that Both Mainstream Media – and Gatekeeper “Alternative” Websites – Are Pro-War | Washington’s Blog.
- Amy Goodman: Corporate media is ‘an extreme media beating the drums for war’ (rawstory.com)
- Pushing for War with Syria (consortiumnews.com)
- Propaganda Versus Journalism (longislandpress.com)
Wealthiest Americans Only Winners in Recovery, Pew Says – Bloomberg
Wealthiest Americans Only Winners in Recovery, Pew Says – Bloomberg.
- Recession Over for Wealthiest Americans (drudge.com)
- Pew: Wealthy Getting Wealthier While Bottom 93 Percent Lose Net Worth (washington.cbslocal.com)
- Report: Wealthy Thrive and Poorest Dive as Surge in US Inequality Continues (commondreams.org)
- An economic recovery for wealthy people only? (pubcit.typepad.com)