These charts need little comment. The Fed’s books are not audited and they spend billions per year on 20,000 superfluous staff. The latter produce endless rationalizations and duplicitous whitewashes of Fed policy.
Worse still, the Fed uses its unlimited ability to print money and earn interest off its $4.4 trillion holdings of taxpayer issued debt to award cushy research and study contracts to most of the monetary economists in the country. No wonder that when the monetary politburo speaks, the chorus of monetary economists shout a grateful, amen!
Meanwhile, the wage picture for the nation’s work force of 155 million, less the 22,000 Fed staff and outside economists who work for them, is not so good. During the Fed’s massive money printing spree since 2008, which took its balance sheet from $900 billion to $4.3 trillion, average real hourly wages have not yet regained their pre-crisis level.
There is no other way to say it. The Federal Reserve have become a self-financing, self-perpetuating rogue institution that is a clear and present danger to free market capitalism and American democracy. This baleful state of affairs should tick you off. It does me!
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