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Thursday, April 12, 2012

Federal Reserve Mission: Robbing the Poor to Fatten the Rich

Ben Bernanke and his cabal of Federal Reserve Banksters are robbing the poor to fatten the rich. Call them the anti Robin Hood, and that is what Mohamed El-Erian, CEO of the world's largest bond fund, PIMCO, does in a speech given yesterday.

Fed May Have Aggravated Income Inequality, El-Erian Says --
The Federal Reserve and other central banks may have increased income inequality with policies that boosted prices of stocks and other assets without having a commensurate effect on the economy, said Mohamed El-Erian, chief executive officer of Pacific Investment Management Co.

In a lecture prepared for delivery at the Fed Bank of St. Louis today, El-Erian said central banks may be nearing the limits of their ability to spur growth and suggested that the “collateral damage” their policies are having on the economy and financial markets may soon outweigh the benefits.

“The unusual activism of central banks may, at the margin, have worsened further wealth distribution,” said El-Erian, whose company is manager of the world’s largest bond fund. “To the extent that such policy activism succeeds in bolstering asset values, but not the real economy, the rich benefit disproportionately.”

President Barack Obama highlighted income inequality this week as he campaigned for higher taxes on top U.S. earners and criticized Republicans for opposing them. Tax fairness will be a central theme in the president’s re-election bid, Obama campaign manager Jim Messina told reporters on April 9.

While the Fed and other major central banks did forestall a global depression, they have had less success in promoting a full-fledged recovery, El-Erian said...
Mohamed El-Erian / PIMCO:
Evolution, Impact and Limitations of Unusual Central Bank Policy Activism -- [full speech]

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