Quantitative Easing: The Liberal Version of Trickle Down
Basically this is communism.
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Janet Yellen — who will become the next chairman of the Fed, theoretically — is in favor of the current policy. She’s in favor of more printing of money and keeping interest rates low, and Larry Summers, who pulled himself out of the running for it, was the one who was going to end the printing of money. The quantitative easing, QE, whatever it is — it’s three we’re on now — and get interest rates back up. I had the two reversed.
I was misinformed by a self-professed market expert. Anyway, my bad. I got ’em reversed. That’s why the market’s doing well today. It is because the priming of the stock market pump is scheduled to continue unabated if this Yellen woman ends up being the chairman of the Fed. Now, I’ll give you the stats on all this quantitative easing. It’s basically $85 billion a month. What it is, is they’re not really printing the money.
They just digitize it. They change the figures in the ledger, and they’re just adding money to certain accounts where they know the money is going to be spent on buying stock, essentially, investing in the markets. This is from the Financial Times: 40% of quantitative easing benefit has gone to the top 5% of income earners at the top of the wealth chart, including bankers. That’s who has benefited.
The reason for this, once again, is style points. The Regime knows that every day, day to day, economic activity is moribund. I mean, it’s static, squalid. There isn’t anything great happening on Main Street. There is no rising wages for people. There is no massive job creation. In the economy at large, there isn’t anything happening on the growth side. But the Regime wants it to appear all right, so the stock market has been the beneficiary of almost half of this quantitative easing.