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Monetary madness combined with austerity when stimulus is needed assures much worse ahead. Progressive Radio New Hour regular Jack Rasmus tells listeners what happened and warns about about what to expect.
He calls QE 3 an open-ended money grab. It's near-free money for bankers and investors at the expense of the real economy and millions growing poorer.
Claiming it's done to create jobs, help the depressed housing market, and boost economic growth is cover for grand theft.
Over 23 million Americans remain unemployed. Economic conditions are weakening. Nearly all indicators show housing "bump(ing) along the bottom." QE 3 will do nothing to change things.
It's "subsidizing banks and investors." It's boosting financial, commodity, and other asset class valuations. At the same time, it's hanging ordinary people out to dry. It provides no help whatever. It's transferring wealth to super-rich elites already with too much.
Banks and wealthy investors take free money and hoard it. Much ends up offshore in tax havens. It's used for speculation to make more of it. Fortunes have been made at the expense of the real economy and welfare of ordinary people.
Lending to small and mid-sized businesses stagnates or declines. Since 2008, multiple QE rounds, other handout policies, and zero interest rate policy (ZIRP) for banks exceeded $10 trillion in benefits for crooks instead of prosecuting and imprisoning them for previous grand theft.
Coordinated central bank money madness promises worse to come. At the same time, troubled economies are cratering. Weak ones grow weaker, and stronger ones now head south.
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