– Oops! The Federal Reserve Admits QE Widens Inequality
“When a country embarks on deficit financing (Bush-Obamanomics) and inflationism (Quantitative easing) you wipe out the middle class and wealth is transferred from the middle class and the poor to the rich.
– Ron Paul
Quantitative easing = printing money = creating money out of thin air = increasing the money supply = inflation = hidden tax on monetary assets = theft!!!
“Deficits mean future tax increases, pure and simple. Deficit spending should be viewed as a tax on future generations, and politicians who create deficits should be exposed as tax hikers.”
– Ron Paul
“By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”
– John Maynard Keynes
“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. … This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.”
– Alan Greenspan
– Pew Research Study – The American Middle Class Declined in 90% of Metro Areas From 2000-2014:
When you bail out financial criminals and predators, you get a criminal and predatory economy. If there’s one clear lesson from the 2008 crisis and its aftermath, that should be it.
– From last year’s post: Another Tale from the Oligarch Recovery – How a $1,500 Sofa Costs $4,150 When You’re Poor
The Pew Research Center recently released a fascinating study which showed what many of us already suspected, that the U.S. middle class has declined in 90% of metropolitan areas from 2000-2014, or in 203 of 229 areas studied.
The details are just as interesting as the headline, some of which will provide ammunition for those looking to spin the historic 21st century status quo plunder into something an resembling economic recovery. Specifically, Pew notes that: