We can break these people up into three separate groups; The pretty rich, the very rich and the filthy rich. These are the people who own stocks and who benefit from the Fed's policies.
So what does this tell us about the Fed's "full employment, price stability" mandate?
It tells us it's baloney. It tells us it's public relations-hype designed to bamboozle the sheeple who can't see what's going on right beneath their noses... It tells us the Fed has a secret mandate to assist the profit-accumulation process for the Kleptocrat class of ivy league moochers. (Wall Street) It tells us that the Fed's real job is implement the policies that best facilitate the upward distribution of wealth. It tells us that the Fed's so called "independence" is a complete and utter fraud and that if Janet Yellen or any of her meat-puppet-colleagues on the FOMC ever veered as much as a centimeter to the left of her corporate marching orders -- they'd find themselves wrapped in plastic-sheeting and gasping for air at the bottom of the East River in a pair of cement booties.
The whole idea that the mousey Ms Yellen is calling the shots for the world's most powerful financial institution is the most ridiculous thing I've ever heard. Does anyone actually believe that rubbish?
Yellen is a public relations invention, a small but critical part of a larger charade that is intended to conceal the manner by which the vast bulk of the nation's wealth is transferred from one class to another. Let's call it The Great Central Bank Policy Swindle, because that's what it is. The Fed is merely an apparatchik agency that keeps its thumb on the scale to make sure all the loot goes to its bloodsucking constituents. That's how the system works. Here's a little background from an article at the WSWS:
"A new report issued by the Swiss bank Credit Suisse finds that global wealth inequality continues to worsen and has reached a new milestone, with the top 1 percent owning more of the world's assets than the bottom 99 percent combined."Of the estimated $250 trillion in global assets, the top 1 percent owned almost exactly 50 percent, while the bottom 50 percent of humanity owned collectively less than 1 percent. The richest 10 percent owned 87.7 percent of the world's wealth, leaving 12.3 percent for the bottom 90 percent of the population." ("Top 1 percent own more than half of world's wealth," World Socialist Website)
But it's not just the fact that half of everything is owned by a handful of obscenely-wealthy, money-grubbing loafers. This same voracious crew of miscreants is pulling down the lions-share of the yearly income too. Check it out:
"The census data also reveals that income inequality in America remained virtually unchanged from 2014, with the wealthy in the top fifth of the population taking in about half of all household income, while the bottom fifth earned only 3.4 percent." ("Despite increase in 2015, US household income still lags behind pre-recession levels," Kate Randall, World Socialist Website)
So -- not only do the plutocrats own half of everything on planet earth -- their share of the booty is actually increasing every year. Nice, eh?
The point is, none of this is accidental. These outcomes are the direct result of policy, the Fed's policies. And the Fed is not alone either. This greatly-accelerated class war is a now global phenom. Just look at this tidbit I picked up from an article at CNBC:
"Data from JPMorgan shows that the top 50 central banks around the world have cut rates 672 times since the collapse of Lehman Brothers, a figure that translates to an average of one interest rate cut every three trading days. This has also been combined with $24 trillion worth of asset purchases." ("QE Infinity: Are we heading into the unknown?", CNBC)
$24 trillion!
$24 trillion represents the biggest freaking bank heist in human history, and what do we have to show for it?
A big fat nothing, that's what! All the data is sagging and global growth has slowed to a crawl. It's like all the dough that was supposed to strengthen the fictitious recovery just vanished into thin air. Poof!
So why hasn't that $24 trillion had more of an impact? Why isn't their more inflation, more activity, more spending, more consumption and more growth???
It's because everywhere the global bank cartel has its tentacles, the same policies of austerity and QE have been adopted. (Japan, UK, EU, US etc.) Everywhere you look it's caviar and Dom Perignon for the investor class and thin gruel and table scraps for everyone else. Everywhere economies are being gutted, looted, hollowed out by financial parasites who seek greater gain by holding down wages, slashing benefits and retirement, and eviscerating standards of living for ordinary working slobs while the big money honchos are living the life of Riley. Everywhere it's starve the beast but gorge the rich.
This is political economy writ large. Trump is right, the Fed is the most political institution in government. It IS the government, and it has an absolute stranglehold on the economy.
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