I missed this column the other day. This guy takes Janet Yellen to task and pulls no punches in doing so. His column reinforces everything that I used to tell my students in my Principles of Macroeconomics classes. Here are some samples:
Federal Reserve Chair Janet Yellen on Friday expressed deep concern over widening economic inequality in the country and called for tackling issues such as early childhood education and encouraging entrepreneurship to help narrow the gap.
Comment: Did she really just deflect the consequences of the Fed’s policy of financial repression towards early childhood education? That’s like a burglar lecturing homeowners that they need to support better metallurgical research as the means of preventing their doors from being kicked in so easily in the future.
Yellen listed four factors that can influence economic opportunity: investing in education for young children, making college more affordable, encouraging entrepreneurship and building inheritance.
Comment: OMG. She just blamed the victims. According to Yellen, if people are finding themselves getting poorer what they need to do is stop scrimping on their kids, become an entrepreneur and go back in time and have rich parents somehow. This statement of hers calls for pitchforks and torches. Without a shred of decency, she has shifted all blame from the Fed to the victims. How corrupt or morally adrift does someone have to be to blame the victim? In a criminal case this would be used as evidence of sociopathic if not psychopathic behavior and be used by a prosecutor to call for a maximum sentence.
Yellen did not address in her prepared text whether the Fed has contributed to inequality.
Comment: No surprise there. Those who blame victims always avoid looking in the mirror.
We don’t need more lectures from her on our perceived failures to spend enough on our kids, have enough entrepreneurial talent, or have rich parents. What we need is a return to the level playing field that originally made this country great.
Chris Martenson is is an economic researcher and futurist specializing in energy and resource depletion, and co-founder of PeakProsperity.com.
This column amazed me, because it is clear that the mainstream media is no longer comfortable covering up for the Fed.