I just read this Op-Ed written by a billionaire and a reformed Fed member, blasting the Fed for creating "balance sheet" wealth instead of real economic wealth. As usual, only half of the facts were told in an attempt to blame the Fed solely for the past 30+ years of economic carnage. The truth in all of this is that it was corporate errand boys at the behest of billionaires who annihilated the economy and otherwise arbitraged Third World labour in place of developed world labour, something literally no one in the lamestream wants to admit. The Fed's role in all of this was merely to print a fake economy to replace the real one that had been outsourced. We live in the Fed's Potemkin Village because the real economy no longer exists and under the current globalized paradigm will never ever exist again. This is the story of our time. Everything else is an historical footnote:
Imported Third World wage deflation allowed the Fed funds rate to fall from 18% in 1980 to 0% now.
U.S. Imbalance of trade with Fed funds rate:
Now look at this chart below. Fed funds rate still at 0% AND $4 trillion in funny money to prop up the Dow and keep ETraders fat and happy. There is literally nothing real about this economic "recovery". It's all smoke and mirrors. Our "elites" are beyond desperate to maintain the status quo AT ALL COSTS:
We Live In the Fed's Potemkin Village
The decline of the New Rome is already well underway and only smoke and mirrors maintains the illusion for the masses.
We live in a society of old men and little boys, with one thing in common: denial.