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QE is a Massive Gift to the Rich – Dallas Fed President

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March 21 — Federal Reserve Bank of Dallas President Richard Fisher speaks at the London School of Economics. (Source: Bloomberg)


“I don’t think there’s any doubt that quantitative easing enabled the rich and the quick. It was a massive gift.”


On the ‘wealth effect’ created by QE:


“It was deliberate in that we were hoping to create a wealth effect.” … “There was a more concentrated effect. And you see it in the kind of earnings that are announced by certain private equity groups and individuals and so on.” … “the distribution of the wealth effect was heavily concentrated” … “We don’t work for the rich and the quick. We work for the American people. So that’s been one of my bigger disappointments.”


Quoted comments start at 52:20








1 Comment

  1. Pat Fields says:

    The entire Plantation Scrip credit-‘money’ banknote scheme is a ‘massive gift to the rich’.

    All banknotes are loaned in principal amount … only. The interest they accrue must come from … additional … borrowing of the servicing funds into existence. So, the scheme is one where currency and debt co-generate each other … infinitely. That’s why inflation and mushrooming debt occur in tandem.

    Now, before the ‘interest free note’ crowd piles on, there’s really no other way it can be constructed. At a VERY early point, the crap gets loaned out by someone and that starts the spiral into the toilet.

    “The few who understand the system will either be so interested in its profits or be so dependent upon its favours that there will be no opposition from that class, while on the other hand, the great body of people, mentally incapable of comprehending the tremendous advantage that capital derives from the system, will bear its burdens without complaint, and perhaps without even suspecting that the system is inimical to their interests.” Rothschild Brothers of London (1863)

    The ‘rich’ avoid paying all the interest, while the ‘poor’ get cajoled into doing all the borrowing necessary to pay the ballooning interest. Oh, and the ‘West’ didn’t dream up this idiotic boondoggle …

    “Centralization of credit in the hands of the state, by means of a national bank with State capital and an exclusive monopoly.” –5th Plank

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