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IPFS News Link • Economy - Economics USA

It's Official: The United States Is Now A Banana Republic

• https://www.zerohedge.com, by Tyler Durden

In some ways, we sympathize with Neel Kashkari's concern about the unprecedented wealth inequality that has emerged in the US in recent years and which has resulted in a slow, methodical and relentless destruction of the US middle class ... or rather make that precedented because there was another time when the top 0.1% had amassed as much wealth and it was just before the Great Depression.

After all, who hasn't seen charts such as these showing the tremendous divergence in income earned by America's Top 1% at the expense of the middle and lower classes:

Or that the top 10% now own 70% of all the US wealth, the same as the middle and lower classes combined...

... up 10% from the 60% of wealth they controlled at the start of the century.

Yet we find Kashkari's "jaw-dropping" virtue signalling proposal to grant the Fed wealth redistribution power not only laughable but absolutely terrifying: after all it was the Fed's ZIRP and QE that was behind the greatest wealth redistribution in the past decade...

1 Comments in Response to

Comment by Ed Price
Entered on:

I wonder if the people of the old Central and South American banana republics ate the bananas they grew.



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