Skip to comments.The Mendacity of the Fed and the Ruination of Capitalism
Posted on 04/04/2014 2:15:05 AM PDT by markomalley
David Stockman tells it like it is. In his interview and from his articles posted on his website, Contra Corner, Mr. Stockman gives the cold hard and politically incorrect version of what the Federal Reserve is up to in all its misdirected glory and auto-assumed powers.
The Fed runs everything; it has pegged, manipulated, medicated and manhandled the entire financial system. There is not an honest interest rate left ..A Regime of crony capitalism, for both sides using the tools of the State the budget and the central bank to accomplish ends that would not be remotely feasible, reasonable or likely in a free market. So says Mr. Stockman. The Federal Reserve has taken over and runs the GDP.
Mr. Stockman opines:
Even in those halcyon days of Keynesianism, few in Congress believed that they had mandated the Fed to pursue rigid quantitative targets for inflation and unemploymentlet alone precisely a 2% annual gain in the PCE less food and energy or 6.5% on the U-3 measure of unemployment, which didnt even exist then And most certainly, the Congressional majority that passed the act (Humphrey Hawkins) did not in its wildest imagination foresee that the route to the quantitative inflation and unemployment targets it didnt mandate would be through the canyons of Wall Street and the made-up monetary doctrine of wealth effects as the surest route to their achievement.
Describing the ill effects of this Federal Reserve overreach:
The business sector debt stood at about $11 trillion on the eve of the 2008 crisis, and has now vaulted upward to $13.5 trillion. Yet nearly the entire gain has gone into the preferred financial engineering games of bubble finance -- namely, LBOs, (leveraged buyouts) cash M&A (mergers and acquisitions) deals and stock buybacks…
(Excerpt) Read more at americanthinker.com ...
Chow for paragraph eater.
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Fight the Free Sh☭t Nation
Fascism by Fed
--and all this time I thought the world was being taken over by the evil purple tentacle...