Fed Reserve boss Janet Yellen has taken to the stump to point out “income inequality,” an amorphous phrase indicating everybody except the elite are losing out economically.
“The past several decades have seen the most sustained rise in inequality since the 19th century after more than 40 years of narrowing inequality following the Great Depression,” she said on Friday. “By some estimates, income and wealth inequality are near their highest levels in the past hundred years, much higher than the average during that time span and probably higher than for much of American history before then.”
“I think it is appropriate to ask whether this trend is compatible with values rooted in our nation’s history, among them the high value Americans have traditionally placed on equality of opportunity,” Yellen said.
Yellen did not mention the fact this “inequality” is due largely to the inflationary policies of the Federal Reserve. The banker owned cartel specializes in engineering inflation by expanding the money supply and creating debt. The Fed is responsible for all the inflation Americans have experienced since 1913 when the cartel was formed.
“Inflation is an agent of poverty. It not only impacts the purchasing power of the lower income group, but also hits the financial capacity of the middle classes. High inflation destroys the wealth of the middle class,” writes Rakesh Wadhwa.
Not only is monetary inflation designed to increase poverty and misery, it is also intended to further enrich the mega-rich Yellen bemoans in her speech.
“Who benefits from inflation? Only those who are at the top of the pyramid and receive all that new money directly from the source,” writes Ron Paul.
The beneficiaries include government, which borrows astronomical sums of money, “failed banks” that are “bailed out” at tax payer expense, and defense contractors receiving money to produce vastly overpriced products to fight wars designed to last forever.
Elite Call for Confiscation
Prior to Yellen’s speech, billionaire Bill Gates suggested government should tax wealthy people and corporations that are not “delivering more value to society” and deciding how to spend the money they have earned. According to Gates, philanthropic organizations like his foundation should not have wealth confiscated because they are doing good.
Anybody who knows anything about wealth protection knows why the uber-wealthy put their money in foundations.
In addition to hiding wealth, corporatist foundations are ideal vehicles for pushing the political and social agenda of the elite, as the Reese Commission discovered back in the early 1950s. Its final report declared the Ford Foundation, Rockefeller Foundation, Carnegie Endowment and other foundations were using foundation protected wealth to enable oligarchical collectivism, in other words corporatism or what Benito Mussolini called fascism.
Yellen’s speech is a direct play on the outrage of the middle class as the corporate elite continue to loot the economy. The Federal Reserve is calling for the government to further hobble the engine of prosperity by confiscating the “selfish” wealth of producers who are not part of the financial class.
The left, forever blindsided, cheer this sort of nonsense on under the naive and dangerous assumption the government, with the appropriate apparatchiks at the helm, will address “income equality” through confiscation.
Killing off the producers, of course, will only further impoverish the middle class and destroy jobs and opportunity.