Michael Snyder: Deep Economic Suffering Has Erupted All Over America, but Guess Who the Federal Reserve Is Helping?
"...the Fed is coming up with lots of new ways to give handouts to the very wealthy."
"...the Fed is coming up with lots of new ways to give handouts to the very wealthy."
"If the Federal Reserve wanted to outlaw cash, and your only choice was to use Fedcoin to make purchases, then your financial life would be tracked under their watchful eye."
Dallas Fed President, Robert Kaplan: "...growth in the balance sheet is not free. There is a cost to it."
US manufacturing remains at a historic low of 11% of US GDP and production output has decline steadily since January of this year.
The issue of Fed vs President is not going away – while the market broadly believes Powell’s and the Fed’s independence is sacrosanct, and Trump can’t sack him, it damages the credibility of the Presidency that Trump still tries to bully the Fed. But – critically - it shouldn’t have that much effect on markets, because we all know that’s just the way it is...
Even though a new financial crisis has not even started yet, the Fed has been creating money like crazy and their balance sheet has ballooned “by about $100 billion over the past month”…