The "Greatest Irony" About The Entire "Record American Inequality" Debate

Tyler Durden's picture

One can read 696 page neo-Marxist tomes "explaining" inequality in a way only an economist could - by ignoring the untold destruction economists themselves have unleashed on society with their "scientific theories" (and providing a "solution" to the inequality problem which we warned readers was coming back in September of 2011) or one can read the following 139 words by Elliott's Paul Singer which in two short paragraphs explains everything one needs to know about America's record class inequality, including precisely who is the man responsible:

Inequality in the U.S. today is near its historical highs, largely because the Federal Reserve’s policies have succeeded in achieving their aim: namely, higher asset prices (especially the prices of stocks, bonds and high-end real estate), which are generally owned by taxpayers in the upper-income brackets. The Fed is doing all the work, because the President’s policies are growth-suppressive. In the absence of the Fed’s moneyprinting and ZIRP, the economy would either be softer or actually in a new recession. 

 

The greatest irony is that the President is railing against inequality as one of the most important problems of the day, despite the fact that his policies are squeezing the middle class and causing the Fed – with the President’s encouragement – to engage in the radical monetary policy, which is exacerbating inequality. This simple truth cannot be repeated often enough.

Q.E.D.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Greenskeeper_Carl's picture

I was wondering when this sight would say that. I said the exact same thing on the first article about this book. A book about income inequality that doesn't mention the fed is a complete waste of paper and is not even worth reading. And all the Keynesians and liberals are jumping on this, since it is written by one of their own, and it absolves them and their policies for any responsibility for the destruction they have wrought.

jbvtme's picture

the 1% are about to get their pockets picked

NoDebt's picture

Why is it that us part-time keyboard jockeys, wearing double-ply tinfoil hats knew all this years ago?

By the time I start seeing this stuff show up in articles by semi-respected people, I know the real game has already moved on.

 

eatthebanksters's picture

yup...and they won't know it till ist happens...

newsguy68's picture

Military Purge Continues As Another General Is Ousted From Pentagon

 

http://govtslaves.info/military-purge-continues-another-general-ousted-p...

Being Free's picture

I have no grievance with a man of wealth unless his love of wealth exceeds his accord with integrity.

prains's picture

...except integrity left the building, before the foundation was poured

Skateboarder's picture

And even Mr. Singer gets it wrong himself:

"The Fed is doing all the work, because the President’s policies are growth-suppressive."

What growth? Defined by which magnanimous entities responsible for the steering of the monetary, fiscal, economic, and social policy?

What does 'growth' mean, and does something always need to grow? Among these high-flying types is always the consensus, pushed on to the lower classes and repeated ad-infinitum, that growth is necessary.

Care to grow an extra planet's worth of oil to satisfy the energy requirements (under the same infrastructure) of the handful of new Americas created in the last two decades, Mr. Singer?

N2OJoe's picture

Growth IS necessary in a Ponzi or the whole scheme collapses.

Therefore exponential growth is necessary for the world debt-based economic and monetary systems.

Unfortunately exponential growth simply cannot be infinite, and we are quickly nearing the limit.

Old Man River's picture

Goebbels reincarnate...

Edit: dagnabbit, I mean the bolded-out quote part

Ignatius's picture

"The greatest irony is that the President is railing against inequality as one of the most important problems of the day, despite the fact that his policies are squeezing the middle class and causing the Fed – with the President’s encouragement – to engage in the radical monetary policy, which is exacerbating inequality. This simple truth cannot be repeated often enough."

I was gonna say can I get an 'Amen', but maybe you're right, we get a 'seig heil' instead.

Seasmoke's picture

It's an Obamanation. 

venturen's picture

A country by and for criminal bankers! Who risk nothin and make everything!

MedicalQuack's picture

President is caught up in the grays and when I saw the Obama/Biden selfie, well that did it for me.  It's a huge problem we have with people not being able to seeprate the virtual world from the real world out there.

http://ducknetweb.blogspot.com/2014/03/virtual-worlds-real-world-we-have...

See if I'm still around after these tweets...

MedicalQuack No offense meant but the White House is scaring me too getting a little "too virtual" here w/emails and infographics-what does it do?

MedicalQuack White House Email: minimum wage defeated by Senate-only way to change it is get to those Congressmen-don't think an infographic does it

Duc888's picture

 

 

The irony is that the douchenozzle demanded Obamacare, a tax.

Hughing's picture

oh well, it is still good to be him

grid-b-gone's picture

And he supports a hike in the minimum wage, but if his Fed had not printed to ignite an inflation target, stagnant wages would have been less destructive to the middle class.

lex parsimoniae's picture

"Record Inequality"

shell game

Van Halen's picture

This class warfare has to stop. Look at all the billionaires in this country. How many of them weren't billionaires 30 years ago but got that way through hard work and the American Dream. It still happens. And some of them from 30 years ago aren't billionaires any more. Proving that there is no 'fixed upper class'. People and families come in and out over the years. Sure, a few hang around long term but a lot come and go.

Creating envy of the rich is wrong. The idea of taking from those who have more to give to those who have less is wrong. You can take all the money from the rich, redistribute it to the poor, and in a generation it will be back in the hands of the original rich. Why? Because they know how to make money and how to save it. The poor are poor because they don't set goals, don't know how to make money, make bad choices, and in the last few decades have been taught to rely on the government from cradle to grave.

The wealthy should be admired and emulated, not scorned and robbed. Want to get rich? Look at how the wealthy did it and do the same things. Success leaves clues. Imitate their example. It's not going to happen overnight but with hard work and planning, it will happen. Don't wait. Do it now. Forget about waiting until the administration changes, or the new tax year starts, or the laws change, or the job marked gets better or the real estate market flips, or anything else. There are always ways to make money in good economies and bad.

We in America, despite all that is happening, still live in the greatest country at the greatest time in history with the most opportunities to reach a high level. Even our poor are rich compared to where they were fifty or a hundred years ago. The choice is yours: Find excuses and blame everyone else or start moving upward right now.

stopthejunk1's picture

Oh PLEASE.  You had me at "American Dream."  I suppose you are unfamiliar with Carlin's dictum, so I will repeat it for you: 

 

"It's called the AMERICAN DREAM, because you've gotta be ASLEEP TO BELIEVE IT."

max2205's picture

It ain't too bad...a hundred years ago no one had in door toilets

waterhorse's picture

and don't forget this gem:  "It's a big club and you ain't in it."

prains's picture

Want to get rich? Look at how the wealthy did it and do the same things.

 

WOW! where to begin? you are either so abjectly clueless or either trolling for fun. either way, the best thing for you to do is step in front of a bus going 50. There's no hope for you.....lost cause, so may as well end it. The IQ of the 7 billion still here applaud you for helping us in this way.

QQQBall's picture

I cannot afford even a State Senator? I'll just play the Lotto. :)

waterhorse's picture

"The wealthy should be admired and emulated, not scorned and robbed. Want to get rich? Look at how the wealthy did it and do the same things. Success leaves clues. Imitate their example."

 

What is so admirable about the Wall Street insiders who have skewed the playing field in their favor, own the politicians, have captured the regulators and have crafted laws to avoid prosecution and unjustly enriched themselves?

Chuck Knoblauch's picture

The majority of the middle classis white.

The Queen loves watching it burn.

Dre4dwolf's picture

Maybe its getting to that point in time, where we just have to start re-defining wealth.

What makes someone wealthy? because as of late it seems like everything you accumulate has strings attached.

Why cant we just have "economy free zones" , zones with no taxes, no law enforcement, no regulation.

Just land, people, and their hands.

Why is it that everyone is forced to live up to the standards of the raving lunatics? what happened to being human? when did we all turn into consumer robots? wtf is the point of accumulating all this useless garbage? the only reason people buy anything anymore is to show off, have we gotten so caught up in our own vanity that we have lost sight of what it really even is  to be human ?

Wealth in-equality? seems like some B.S. we all talk about to convince people that we all need to have money to buy more stuff we don't even really want, no amount of finance gimmics or game theory will solve the problem, because the real inherent flaw in the machine is, the flawed nature of man himself.

 

You could design a perfect system, and man will still find a way to #)(#$# it up.

stopthejunk1's picture

Him, and every President before him back to at least 1968.

 

Inequality in America has been increasing since the late 60s.  We are now #1 in the developed world for wealth and income inequality.  #2 is our protege, Israel.

DeusHedge's picture

the poor hedge the rich. Bernake and Yellen hedge the fed. The fed hedges the world. How fucking unequal can you get?

Bear's picture

Inequality when slaves make 50 million per year and the rest of us free men get .01% interest

http://washington.cbslocal.com/2014/04/29/spike-lee-sterling-has-mentali...

PiratePiggy's picture

"The greatest irony is...."

 

Why did you chose the noun "irony"?  It would have been way down the list of nouns I would have considered.

Reci's picture

"Income Inequality" - the term used to express the fact that the general masses are starting to realize/feel the inequality built into the system by the elite to remain the elite. This simply signals TPTB that confidence/trust/belief in the system is waning and that they will be forced to pacify the masses with a minimum wage increase soon to make them feel like "trickle down" theory still eventually works for them and that the Fed's policies eventually raise all boats above the river of toxic waste as long as you continue to support and believe in your leaders and their unlimited power to maintain (their) status quo.

Sambo's picture

The Fed + POTUS + DHS + The US Military = God

 

 

d edwards's picture

UK Daily Mail revels the US 'mission' in Benghazi was a cover for smuggling weapons to Syrian "rebels" who were know to be al queda.

 

And 0bamao, HiLlary, Rice etc. lied their asses off about it!

smcke0wn's picture

"neo-Marxist"*

[citation needed]