Recently, Federal Reserve Chairwoman Janet Yellen “sounded an alarm” about income inequality in America, according to an Associated Press article by Martin Crutsinger. Income and wealth disparities are not in her job description. So, we should question why this concerns her.
Ironically, she heads a government-sponsored organization that colludes with big banking insiders who monopolize our money supply; secretly manipulate money; print and distribute new money; depreciate the value of our dollar; and create the illusion of wealth—activities that prohibit most of us from accumulating more wealth and earning higher incomes.
Mrs. Yellen frets about “opportunity” for people who receive lower pay and investment earnings—95 percent of U.S. households. Absent her agency we would all be better off.
Yellen’s resume shows a lifetime of hanging out in academia and federal Democrat administrations. Last year Barack Obama nominated her to head the Fed—a favorite hangout for crony capitalists. She was confirmed by the U.S. Senate January 6, 2014; no surprise there.
As a Washington insider, she has a proclivity to meddle in economic affairs in which she has no business, nor practical knowledge. She strongly supports government-subsidized education; early childhood through college. Yellen implies that the Fed—with its ability to create new money—should be involved in business ownership, of course, stimulated by government subsidies.
Of all the people who talk about this wealth concern, her cabal is complicit in the disparity between wealthy people and the rest of us. The Fed assists some with wealth creating at the expense of others who pay the tab.
Ron Paul explains the damages done to our economy and personal wealth by the “central bank,” in his 2009 book, “End the Fed.” Fundamentally, this gang scattered in regional outposts distorts what should be a free-market banking system. Rep. Paul calls it “horribly detrimental to American prosperity.” How the Fed started is a long story going back more than 100 years with great political controversy. This “public-private partnership” is a coalition of large banks colluding with the federal government which appoints its managers.
The Fed has inordinate financial power that favors a small group of insiders. Ron Paul calls the Fed a “dice game.” The dollar today is worth less than 5 cents of its value in 1913. “We might say that the government and its banking cartel have together stolen $0.95 of every dollar as they have pursued a relentlessly inflationary policy,” writes Paul. The Fed creates money out of nothing and perpetuates the myth that there is an “ideal supply of money.”
If Janet Yellen wants to improve our economy and raise the wealth of those outside the circle of people she treats preferentially, she should work to end the Fed, as Rep. Paul—and many others—proposes.