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IPFS News Link • Federal Reserve

Fed Up With The Fed's Abuse Of Power

• Zero Hedge

Authored by Charles Hugh Smith via OfTwoMinds blog,

To confess that the fate of the entire global economy now rests on the mumblings of a fossilized Politburo fanatically devoted to making the rich richer is to 1) state the obvious and 2) admit the extreme fragility of the global financial system. That it has come to this-- all global markets soar or collapse in unison based on the addled spew of the fossilized Politburo's chairman--is overwhelming evidence that 1) the system is broken and 2) the fossilized Politburo has way too much power and 3) the fossilized Politburo is abusing its power by enriching the already-rich, decade after decade, to the detriment of the bottom 90% and systemic stability.

Let me translate the incoherent ramblings of Chairperson Powell: let them eat cake (or more precisely, let them eat brioche), for increasing wealth and income inequality has been the Fed's prime directive since The Maestro Alan Greenspan began the Fed's manipulation--oops, I mean management--of the stock, bond and risk markets in the early 1990s.