Quantitative easing was the father of millennial socialism

Financial Times/David McWilliams

“As we mark the 10th anniversary of the bull market, it is worth considering whether the efforts of the US Federal Reserve, under Mr Bernanke’s leadership, to avoid 1930s-style debt deflation ended up spawning a new generation of socialists, such as the freshman Congresswoman Ms Ocasio-Cortez, in the home of global capitalism.”

USAGOLD note:  At the end of this very interesting editorial, McWilliams asks a compelling question: “What if a policy designed to protect the balance sheets of the wealthy has unleashed forces that may lead to the mass appropriation of those assets in the years ahead?” Long before a 70% tax rate is promulgated, though, we could face the prospect of asset appropriation in forms more subtle than asset appropriation – deflation, runaway inflation or any one of the maladies that fall in between. . . . .


Repost from 3-3-2019

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