Saturday, June 18, 2016

"By occupying the seat of defender of the least powerful while advocating policies that would harm the least powerful, senator [Elizabeth Warren] has become a danger to her own cause."

"...Her position on the Banking Committee gives her an audience with the Chair of the Federal Reserve on a regular basis. Yet she has never taken the opportunity to raise the issue of monetary inflation and its ill effects. Instead she has focused on the Fed’s decisions not to “break up big banks” or “bring bankers to trial” for various misdeeds.

Which really isn't true;

JPM CEO Jamie Dimon Securities Fraud and Insider Trading
condoned by Hillary Clinton and Elizabeth Warren

Elizabeth Warren and Hillary Clinton 
condoned Bank of America's Brian Moynihan Insider Trading and Securities Fraud

Some of these misdeeds are real, but none related to what Senator Warren contends are her main concerns: wage stagnation and income inequality. Indeed, whether most deposits are held and most loans are made by 10 banks or 10,000 banks won’t change income and wealth inequality if the banks are members of a protected cartel that creates money out of thin air and loans it into the financial system. Senator Warren’s efforts in this respect use up attention and energy that could otherwise be devoted to understanding what actually causes the wage stagnation and inequality: the systematic and perpetual wage and savings devaluation, and asset price inflation, conducted by our central bank.

Janet Yellen, Ben Bernanke, Eric Holder and friends
let Wall Street off the hook and printed money to bail out the pols,
got away with it without repercussion
and people like Elizabeth Warren who says one thing in public
let them off the hook behind closed doors

We should not quarrel with Senator Warren’s stated goal of protecting the least powerful in society, but we should take issue with many of Senator Warren’s proposed strategies to achieve her stated goal — because they don’t work.

If Senator Warren wishes to achieve her stated goals, then she should re-think her policy objectives, become familiar with basic economic principles, and adjust her policy prescriptions accordingly, especially with respect to the central bank."

Quantitative Easing didn't save the economy,
it saved those who caused the problems in the first place
by manipulating financial markets and pulling future growth into the present
for the benefit of those at the top,
and now 'we' are out of ammo;