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5/2/14

The Federal Reserve - A Reverse Robin Hood

By Grant Davies

While some wring their hands over the "wealth gap" but cannot tell you why, others wonder just how so much money has flowed to the already wealthy, and why.

In recent years have most of them lately done it by providing goods and services that their fellow man desires? Or is there a giant wealth transference going on due to the Fed printing money like crazy?

I'm in the second group and of the second opinion. The left hates the "wealth gap" but loves Obamanomics. It's a pretty good example of cognitive dissonance IMO.

So while the left worries about "tax breaks for the rich" transferring wealth upward, the man behind the curtain has an entirely different plan that works much better.

The following article may contain some things I disagree with, but it's a good place to start if you want to look at all this government meddling from a different perspective than what you get from the usual talking heads.

Druckenmiller: Fed robbing poor to pay rich
Robert Frank | @robtfrank
Thursday, 19 Sep 2013 | 11:06 AM ET

"The Federal Reserve isn't just inflating markets but is shifting a massive amount of wealth from the middle class and poor to the rich, according to billionaire hedge fund manager Stanley Druckenmiller.

In an interview on "Squawk Box," the founder of Duquesne Capital said the Fed's policy of quantitative easing was inflating stocks and other assets held by wealthy investors like himself. But the price of making the rich richer will be paid by future generations.

"This is fantastic for every rich person," he said Thursday, a day after the Fed's stunning decision to delay tightening its monetary policy. "This is the biggest redistribution of wealth from the middle class and the poor to the rich ever."

Read the rest here.*

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