When asked by the press if the Fed was concerned about how it has increased wealth disparity in the US with its policies, Papa Powell kept clearing his throat and parading his lamest thoughts.
“Inequality is not related to monetary policy,” he claimed in the Fed’s defense.
Powell did not answer the question directly but gave a meandering answer on the role of the Fed. Powell has a poker “tell.” When he knows his answer is disingenuous, he starts repeatedly clearing his throat. He did a lot of that while bumbling through his non-answer
Ironically, for a globalist, Powell tried to blame income inequality on globalization. He’s right about that to some extent, of course, in that forcing US workers to compete with incoming foreign workers willing to work for far less has long suppressed US wages in those fields (literally) where the immigrants congregate
Papa Powell was, however, dodging his own institution’s direct contribution as well as the government’s direct contribution to impoverishment of the many.
How the rich get Fed
Powell dissembled by saying the chasm of income disparity, which grew substantially larger during the Fed’s Great Recovery (which was recovery only of the already great) is not due to the Fed because, he said, that problem has been around for four decades … as if the Fed has not!
There is no more subversive entity in the US, more destructive, more inflammatory yet out of the spotlight of public outrage, than the Federal Reserve: it is the Fed’s actions over the past 108 years – and especially over the past decade – that have spawned much of the anger, resentment and hatred that has permeated US society to its very core as a result of the Fed’s monetary policies.
Yet because much of the public fails to grasp the insidious implications of endless money-printing which makes owners of assets exorbitantly rich at the expense of regular workers, popular anger at the Fed remains virtually non-existent….
And so, taking advantage of the general public’s general gullibility, the Fed continues to lie and dissemble at every opportunity, of which the most recent example was last week when Powell said that “inequality has been with us … increasingly for four decades” … arguing that monetary policy is not a cause for that. What he forgot to mention is that four decades ago is when the Nixon closed the gold window….