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Guest Post: Does the Bank of England Worry About The Cantillon Effect?
Submitted by John Aziz of Azizonomics,
The empirical data is in. And it turns out that as I have been suggesting for a very long time — yes, shock horror — helicopter dropping cash onto the financial sector does disproportionately favour the rich.
The richest 10% of households in Britain have seen the value of their assets increase by up to £322,000 as a result of the Bank of England‘s attempts to use electronic money creation to lift the economy out of its deepest post-war slump.
Threadneedle Street said that wealthy families had been the biggest beneficiaries of its £375bn quantitative-easing (QE) programme, under which it has been buying government gilts for cash since early 2009.
The Bank of England calculated that the value of shares and bonds had risen by 26% – or £600bn – as a result of the policy, equivalent to £10,000 for each household in the UK. It added, however, that 40% of the gains went to the richest 5% of households.
Although the Bank said it could not come up with precise figures for the gains from QE, estimates can be produced using wealth distribution data from the Office for National Statistics. These show the average boost to the holdings of financial assets and pensions of the richest 10% of households would have been either £128,000 per household or £322,000 depending on the methodology used.
Here are a few questions for Britain’s monetary overlords at the BoE:
- Are you concerned about the long-term social and economic implications of a monetary policy that enriches the rich over and above everyone else?
- Are you familiar with the concept of the Cantillon Effect whereby the creation and allocation of new money transfers purchasing power to whoever it is allocated to? Did you consider this effect prior to embarking on a program of quantitative easing to the financial sector?
- Given the financial sector’s awful track record in terms of blowing up the economy, fabricating LIBOR data for its own enrichment, and neglecting cash-starved small businesses, is the financial sector an appropriate allocator of new money?
- Now that the empirical record shows the policy of helicopter-dropping cash directly to the financial sector disproportionately favours the rich, have you considered changing course and adopting a different monetary policy that doesn’t favour any particular group?
Sadly, I expect to see the announcement of more quantitative easing to the financial sector long before I expect to see answers to any of these questions.
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1. NO
2. NO
3. NO
4. NO
the rabble is at the gates bitchez
The Fed jawbones prices up, then the IEA jawbones prices down.
Can I get an amen?
the fed is kaput, the iea is irrelevant
Query from a Dr Ron Paul supporter;
Is The Federal Reserve System Wholly Owned by the Federal Government for the United States of America?
Yes or No, and what answer do most sheeple believe?
Gads. May as well be asking what it means for n-dimensional hyperspheres to be tangent to each other.
Most folks don't know what the Fed IS, let alone who owns it.
Dial it back a step, eh? Give 'em a chance.
"Is The Federal Reserve System Wholly Owned by the Federal Government for the United States of America?"
NO
The Federal Reserve is owned by The House of Rothschild. The House of Rothschild owns our FED, The Bank of England, and ALL the central banks of the world except.......Iran, North Korea, Cuba, and Sudan.
Recent additions to their collection:
Libya
Iraq
Afghanistan (soon,or done)
"what answer do most sheeple believe?"
YES
EDIT:
Related,the IRS was created at the same time as The Fed, to collect taxes. Dear retarded citizens,including thugs that will arrest us freedom fighters: Did you know your income tax goes abroad? Right to House of Rothschild. Moron, fool thugs who will arrest/detain us freedom fighters, do you now understand why we went into LIBYA and IRAQ?????????? HELLO, anybody in there???? hopeless
The Federal Reserve is owned by The House of Rothschild.
Well, then again, that's not right either. It may be about half owned by Rothschild, but even that's a stretch.
There are a LOT of different fingers in that pie.
There, I posted the flowchart. Rothschild is at the very top.
That flowchart is from a 1976 report, dating back to the days when investment banks were much smaller and playing with their partners' money.
Rothschild (the bank) expanded way less than many of the others. I knew two people who worked there in the mid-90s - one Pakistani muslim, one Indian hindu. (Do I detect an Indian conspiracy? In fact they didn't get on.) One once told me he met then director, Norman Lamont in the lift*. (Like my two friends, and JM KEYNES a Cambridge graduate, do I detect a Cambridge conspiracy?) They both thought it was a backwater and more important didn't pay enough, and got out into bulge bracket banks as soon as they could.
So I'd contend that your 'flowchart' is pretty irrelevant in 2012. Who are the current shareholders of the FED? (I think that's in the public domain).
*"He [Norman Lamont]is as stupid as everyone says." "How do you know." "Well, I told him a joke, and he didn't get it."
Stop muddying the water. Rothschild is still at the top. Only the chairs in the room have been rearranged.
Can't do it ... because ... they're bunch of thieving shitbirds?
Shit hawks. Big, dirty, shit hawks. They're flying in low, they're swooping down shitting on people, and dragging em off to the big shit nest.
1. yes - thats why the y published the research
2. yes - r u suggesting they didnt do their PPE reading while up at Oxford?
3. yes- it remains the most efficient allocator and right now the only allocator
4. yes - the effect was obvious but a secondary consequence to the main aim of QE. but as you know and have pointed out - just as we know and have pointed out - that monetary policy is not distributionally netural.
#3 yes? With a straight face I presume? Are you the new iteration of Hamy Wanger (oh how I miss him). If you really believe that, I can only hope you stand in the gap, giving a full throated defense of the oligarchs to the raging masses on that day.
And that I have popcorn popped...
Look, who cares what any bank or whatever does. All you have to do is go long the Iraqi Dinar, and then after you turn $4,000 into $4m go long the E-Cat!
We will all be rich!
Viva la Rossi!
Can I get digital Dinar? I won't buy it if not!
Guess who's coming to 'Dinar'?
Of course they are aware they're enriching the already rich. Why do you think they are following this policy in the first place?
Hunger is just around the corner. Hungry people don't like rich people.
There is nothing as dangerous as a man with nothing left to lose and they are being created every day in every country. This is not going to end without blood and tears.
q99z2 nailed it. I am pretty sure we all have seen the statistics that showed for several years now the world stockpiles of grains is equal to about 42 days consumption and that we have been just one bad harvest in a major grain producing region away from serious hunger even in the G7 nations.
Already the price of grain has gotten so high that farmers are sending grain eating livestock to slaughter, and in the case of dairy cows the extra expense will be passed on in dairy products where possible, so much so it will crush demand for dairy products and many marginal producers will simply drop out of the industry. Once the sudden glut of meat is sold from this activity the remaining cow will be too expensive to eat for all but the wealthiest consumers.
And, if there is hunger in the developed world there will be vast starvation in the developing world.
Well the USA, and Canada are having the worst harvest in 50 years, and as if that were not bad enough Australian and Russian harvests are down significantly as well. I have not seen data on China, but there were stories a few weeks ago about really historic flooding there. How bad is it? America produces one third of the worlds corn and soybeans and half the expected American crop is now thought to be lost. It is not much better in Canada. September delivery contracts in Chicago are already up 30% in the last month and that is just the beginning, and remember it is not just cattle that eat the feed that is not getting harvested, corn syrup is in almost everything. Including your gas tank.
Commodities market analysts have estimated that Russia’s harvest will be 6 to 7 million tons less than originally projected and exports are already sharply curtailed.
"...the western Australian wheat crop has been damaged by lack of rain and repeated frosts, degrading the quality of much of the harvest. Grain output in the region may drop as much as 40 percent. Along with the US, Russia and Canada, Australia is one of the world’s top wheat producers."
One of the problems here is that when stockpiles are this small a drawdown starts to become a cycle of drawdown's. A slippery slope. And hunger on a global scale is not a condition one can simply muddle through till another harvest a year from now, and if we have another bad year in 2013? You would think the very first thing they would do is place a temporary cease and desist on conversion of food quality grains to fuels. As far as I know they have not even thought of that. And when 90% of us are spending half our incomes just to eat the cheapest crap we can find and the upper 10% are eating as they always have it will start to look more and more like the riot scenes from Soylent Green. Bring in the scoops. Remember that more than a billion people live on less than $2 per day, if markets are right that will very soon put a day's food out of reach even if those people spend 100% of income on food.
I have read a ton of speculation here around what it will take to get the sheep to open their eyes and restore their nation, one can only afford to keep eyes closed through life when one's belly is full.
They know exactly the results of their actions, and they do not give a flying fuck about the 99%.
let them eat cake
Is that pronounced, [can't-alone] or [Can-TILL -on] ? /sarc "TILL" referring to the BoE/ECB cash register.
So, was this not the intention from the start? The rich are the job creators, the extra wealth they get from QE asset inflation is plowed back into the economy creating jobs and expanding the wealth down the ladder to benefit all Britains. This much should be self evident.
QE is doing what it was meant to, getting the wealth creating job creators into a good financial postion so they can preceed to get that wealth trickeling down to all. Reagan proved this sytem to be the best available wealth creation system here in America in the 80's, Britain was smart to adopt trickle down and to use QE as a stimulus. The rich benefit more because they are harder working and smarter, it is their success that leads to job creation and economic growth. The UK is on the right track to recovery and wide scale prosperity. QE is a magic trick that works for all.
Million dollar bonus???
Elmo, you made me laugh!
No, but I like his style! MDB rocks!
Yes,
The Wizards, Warlocks, and Witches that conjure up money out of thin air for their well-connected buddies are always looking out for everyones best interest. Now come here my pretty, I need you for my potion!
/sarc
You're not Jack Burton. Somebody call the president.
"The impoverished might ease their economic troubles by selling their children as food for rich gentlemen and ladies."
http://en.wikipedia.org/wiki/A_Modest_Proposal
Q. "Here are a few questions for Britain’s monetary overlords at the BoE:
Are you concerned about the long-term social and economic implications of a monetary policy that enriches the rich over and above everyone else.
Are you familiar with the concept of the Cantillon Effect whereby the creation and allocation of new money transfers purchasing power to whoever it is allocated to? Did you consider this effect prior to embarking on a program of quantitative easing to the financial sector?
Given the financial sector’s awful track record in terms of blowing up the economy, fabricating LIBOR data for its own enrichment, and neglecting cash-starved small businesses, is the financial sector an appropriate allocator of new money?
Now that the empirical record shows the policy of helicopter-dropping cash directly to the financial sector disproportionately favours the rich, have you considered changing course and adopting a different monetary policy that doesn’t favour any particular group?
Xanadu, bitchez.
They were supposed to drop the money out of choppers so everyone had a chance of getting the money.
Too Windy at the moment all the money would have ended up in Mexico...
They did drop the money out of helios, but like newly printed money often does it stuck together and formed a few large clumps with the vast majority of it, or 99% of it, falling into the hands of the .01%.
My father has the best answer to all these questions:
"The day you stop seeing porches drive in your street, you know that Bad Shit is comming.
So instead of hating us, you should welcome us and get out of the way when you our cars in your rearview mirror."
And believe me, they way he says it, everybody keeps on ageeing with him.
Sorry, but something seems to be lost in translation.
some people have no humour to lose in translation. Black shirts and brown shorts.
On that baschis, bad schitt is moscht schertainly coming.
If I took off in my porch I'd run over at least seven dogs...
Prince Harry has given away the family jewels.
Quantitatively easing the wealth into the hands of the few, so gently that you are only just now asking these questions. Where have you been for the last decade, China?
Fed: Canti-huh?
Draghi: We will do whatever Cantillion takes
Liberals: Rich Bad. Release the taxes.
Even more liberal: Whatever. How dare you not pay for my free contraception.
Draghi's strategy is the same as George Custer's, i.e., we'll just keep fighting until we're all dead.
Politicians at every level of govt. have as their job the spending of other peoples earned money. The first choice is to spend or not to spend on individual areas. If they have funded something before , it is near certain that it will be continued to be funded at the same level or higher regardless of the merit of the program. Spending nearly always continues until all the funds are expended and then debt is often issued to expand spending though the need is doubtful. Not spending money is regarded as irresponsible. Politicians that try to curb spending are visciously attacked as stupid, crazy, or cruel.
Politicians do not have "jobs" in the conventional understanding that you or I have. Politicians have a goal. That goal is the accumulation of power and increasing the extent of their control over the lives of "the People". Taking money from the people and spending that money is how they accomplish their goal. It is certainly not their" job".
CHART 1
=======
** Federal Reserve Directors: A Study of Corporate and Banking Influence **
Staff Report, Committee on Banking,Currency and Housing,
House of Representatives, 94th Congress, 2nd Session, August 1976.
=======================================================================
CHART 1 reveals the linear connection between the Rothschilds and the Bank
of England, and the London banking houses which ultimately control the
Federal Reserve Banks through their stockholdings of bank stock and their
subsidiary firms in New York. The two principal Rothschild representatives
in New York, J. P. Morgan Co., and Kuhn,Loeb & Co. were the firms which
set up the Jekyll Island Conference at which the Federal Reserve Act was
drafted, who directed the subsequent successful campaign to have the plan
enacted into law by Congress, and who purchased the controlling amounts
of stock in the Federal Reserve Bank of New York in 1914. These firms
had their principal officers appointed to the Federal Reserve Board of
Governors and the Federal Advisory Council in 1914. In 1914 a few
families (blood or business related) owning controlling stock in existing
banks (such as in New York City) caused those banks to purchase controlling
shares in the Federal Reserve regional banks. Examination of the charts
and text in the House Banking Committee Staff Report of August, 1976
and the current stockholders list of the 12 regional Federal Reserve
Banks show this same family control.
=======================================================================
N.M. Rothschild , London - Bank of England
______________________________________
| |
| J. Henry Schroder
| Banking Corp.
| |
Brown, Shipley - Morgan Grenfell - Lazard - |
& Company & Company Brothers |
| | | |
--------------------| -------| | |
| | | | | |
Alex Brown - Brown Bros. - Lord Mantagu - Morgan et Cie -- Lazard ---|
& Son | Harriman Norman | Paris Bros |
| | / | N.Y. |
| | | | | |
| Governor, Bank | J.P. Morgan Co -- Lazard ---|
| of England / N.Y. Morgan Freres |
| 1924-1938 / Guaranty Co. Paris |
| / Morgan Stanley Co. | /
| / | \Schroder Bank
| / | Hamburg/Berlin
| / Drexel & Company /
| / Philadelphia /
| / /
| / Lord Airlie
| / /
| / M. M. Warburg Chmn J. Henry Schroder
| | Hamburg --------- marr. Virginia F. Ryan
| | | grand-daughter of Otto
| | | Kahn of Kuhn Loeb Co.
| | |
| | |
Lehman Brothers N.Y -------------- Kuhn Loeb Co. N. Y.
| | --------------------------
| | | |
|
| | | |
Lehman Brothers - Mont. Alabama Solomon Loeb Abraham Kuhn
| | __|______________________|_________
Lehman-Stern, New Orleans Jacob Schiff/Theresa Loeb Nina Loeb/Paul Warburg
------------------------- | | |
| | Mortimer Schiff James Paul Warburg
_____________|_______________/ |
| | | | |
Mayer Lehman | Emmanuel Lehman \
| | | \
Herbert Lehman Irving Lehman \
| | | \
Arthur Lehman \ Phillip Lehman John Schiff/Edith Brevoort Baker
/ | Present Chairman Lehman Bros
/ Robert Owen Lehman Kuhn Loeb - Granddaughter of
/ | | George F. Baker
| / |
| / |
| / Lehman Bros Kuhn Loeb (1980)
| / |
| / Thomas Fortune Ryan
| | |
| | |
Federal Reserve Bank Of New York |
|||||||| |
______National City Bank N. Y. |
| | |
| National Bank of Commerce N.Y ---|
| | \
| Hanover National Bank N.Y. \
| | \
| Chase National Bank N.Y. \
| |
| |
Shareholders - National City Bank - N.Y. |
----------------------------------------- |
|
James Stillman
Elsie m. William Rockefeller Isabel m. Percy Rockefeller
William Rockefeller Shareholders - National Bank of Commerce N. Y.
J. P. Morgan -----------------------------------------------
M.T. Pyne Equitable Life - J.P. Morgan
Percy Pyne Mutual Life - J.P. Morgan
J.W. Sterling H.P. Davison - J. P. Morgan
NY Trust/NY Edison Mary W. Harriman
Shearman & Sterling A.D. Jiullard - North British Merc. Insurance
| Jacob Schiff
| Thomas F. Ryan
| Paul Warburg
| Levi P. Morton - Guaranty Trust - J. P. Morgan
|
|
Shareholders - First National Bank of N.Y.
-------------------------------------------
J.P. Morgan
George F. Baker
George F. Baker Jr.
Edith Brevoort Baker
US Congress - 1946-64
|
|
|
|
|
Shareholders - Hanover National Bank N.Y.
------------------------------------------
James Stillman
William Rockefeller
|
|
|
|
|
Shareholders - Chase National Bank N.Y.
---------------------------------------
George F. Baker
=======================================================================
CHART 2
=======
** Federal Reserve Directors: A Study of Corporate and Banking Influence **
- Published 1983
The J. Henry Schroder Banking Company chart encompasses the entire history
of the twentieth century, embracing as it does the program (Belgium Relief
Commission) which provisioned Germany from 1915-1918 and dissuaded Germany
from seeking peace in 1916; financing Hitler in 1933 so as to make a Second
World War possible; backing the Presidential campaign of Herbert Hoover ;
and even at the present time, having two of its major executives of its
subsidiary firm, Bechtel Corporation serving as Secretary of Defense and
Secretary of State in the Reagan Administration.
The head of the Bank of England since 1973, Sir Gordon Richardson, Governor
of the Bank of England (controlled by the House of Rothschild) was chairman
of J. Henry Schroder Wagg and Company of London from 1963-72, and director
of J. Henry Schroder,New York and Schroder Banking Corporation,New York,as
well as Lloyd's Bank of London, and Rolls Royce. He maintains a residence
on Sutton Place in New York City, and as head of "The London Connection,"
can be said to be the single most influential banker in the world.
=======================================================================
J. Henry Schroder
-----------------
|
|
|
Baron Rudolph Von Schroder
Hamburg - 1858 - 1934
|
|
|
Baron Bruno Von Schroder
Hamburg - 1867 - 1940
F. C. Tiarks |
1874-1952 |
| |
marr. Emma Franziska |
(Hamburg) Helmut B. Schroder
J. Henry Schroder 1902 |
Dir. Bank of England |
Dir. Anglo-Iranian |
Oil Company J. Henry Schroder Banking Company N.Y.
|
|
J. Henry Schroder Trust Company N.Y.
|
|
|
___________________|____________________
| |
Allen Dulles John Foster Dulles
Sullivan & Cromwell Sullivan & Cromwell
Director - CIA U. S. Secretary of State
Rockefeller Foundation
Prentiss Gray
------------
Belgian Relief Comm. Lord Airlie
Chief Marine Transportation -----------
US Food Administration WW I Chairman; Virgina Fortune Ryan
Manati Sugar Co. American & daughter of Otto Kahn
British Continental Corp. of Kuhn,Loeb Co.
| |
| |
M. E. Rionda |
------------ |
Pres. Cuba Cane Sugar Co. |
Manati Sugar Co. many other |
sugar companies. __________________|
| |
| |
G. A. Zabriskie Emile Francoui
--------------- | --------------
Chmn U.S. Sugar Equalization | Belgian Relief Comm.
Board 1917-18; Pres Empire | KaiPing Coal Mines
Biscuit Co., Columbia Baking | Tientsin Railroad
Co. , Southern Baking Co. | Congo Copper
| La Banque Nationale de Belgique
|
Suite 2000 | 42 Broadway N. Y
__________________________|________________________________
| | |
| | |
Edgar Richard Julius H. Barnes Herbert Hoover
------------- ---------------- --------------
Belgium Relief Comm Belgium Relief Comm Chmn Belgium Relief Com
Amer Relief Comm Pres Grain Corp. U.S. Food Admin
U.S. Food Admin U.S. Food Admin 1917-18 Sec of Commerce 1924-28
1918-24, Hazeltine Corp. C.B Pitney Bowes Corp KaiPing Coal Mines
| Manati Sugar Corp. Congo Copper
| PresidentU.S.1928-32
|
|
|
John Lowery Simpson
-------------------
Sacramento,Calif Belgium Relief |
Comm. U. S. Food Administration Baron Kurt Von Schroder
Prentiss Gray Co. J. Henry Schroder -----------------------
Trust, Schroder-Rockefeller, Chmn Schroder Banking Corp. J.H. Stein
Fin Comm, Bechtel International Bankhaus (Hitler's personal bank
Co. Bechtel Co. (Casper Weinberger) account) served on board of all
Sec of Defense, George P. Schultz German subsidiaries of ITT .
Sec of State (Reagan Admin). Bank for International Settlements,
| SS Senior Group Leader,Himmler's
| Circle of Friends (Nazi Fund),
| Deutsche Reichsbank,president
|
|
Schroder-Rockefeller & Co. , N.Y.
---------------------------------
Avery Rockefeller, J. Henry Schroder
Banking Corp., Bechtel Co., Bechtel
International Co. , Canadian Bechtel
Company.
|
|
|
Gordon Richardson
-----------------
Governor, Bank of England 1973-PRESENT
C.B. of J. Henry Schroder N.Y.
Schroder Banking Co., New York,
Lloyds Bank
Rolls Royce
=======================================================================
CHART 3
=======
** Federal Reserve Directors: A Study of Corporate and Banking Influence **
- Published 1976
The David Rockefeller chart shows the link between the Federal Reserve
Bank of New York,Standard Oil of Indiana,General Motors and Allied
Chemical Corportion (Eugene Meyer family) and Equitable Life (J. P. Morgan).
=======================================================================
DAVID ROCKEFELLER
---------------------
Chairman of the Board
Chase Manhattan Corp
|
|
______|____________________________________________
Chase Manhattan Corp. |
Officer & Director Interlocks --------------------|
| |
Private Investment Co. for America Allied Chemicals Corp.
| |
Firestone Tire & Rubber Company General Motors
| |
Orion Multinational Services Ltd. Rockefeller Family & Associates
| |
ASARCO. Inc Chrysler Corp.
| |
Southern Peru Copper Corp. Intl' Basic Economy Corp.
| |
Industrial Minerva Mexico S.A. R.H. Macy & Co.
| |
Continental Corp. Selected Risk Investments S.A.
| |
Honeywell Inc. Omega Fund, Inc.
| |
Northwest Airlines, Inc. Squibb Corporation
| |
Northwestern Bell Telephone Co. Olin Foundation
| |
Minnesota Mining & Mfg Co (3M) Mutual Benefit Life Ins. Co. of NJ
| |
American Express Co. AT & T
| |
Hewlett Packard Pacific Northwestern Bell Co.
| |
FMC Corporation BeachviLime Ltd.
| |
Utah Intl' Inc. Eveleth Expansion Company
| |
Exxon Corporation Fidelity Union Bancorporation
| |
International Nickel/Canada Cypress Woods Corporation
| |
Federated Capital Corporation Intl' Minerals & Chemical Corp.
| |
Equitable Life Assurance Soc U.S. Burlington Industries
| |
Federated Dept Stores Wachovia Corporation
| |
General Electric Jefferson Pilot Corporation
| |
Scott Paper Co. R. J. Reynolds Industries Inc.
| |
American Petroleum Institute United States Steel Corp.
| |
Richardson Merril Inc. Metropolitan Life Insurance Co.
| |
May Department Stores Co. Norton-Simon Inc.
| |
Sperry Rand Corporation Stone-Webster Inc.
| |
San Salvador Development Comp. Standard Oil of Indiana
=======================================================================
CHART 4
=======
** Federal Reserve Directors: A Study of Corporate and Banking Influence **
- Published 1976
This chart shows the interlocks between the Federal Reserve Bank of New York
J. Henry Schroder Banking Corp., J. Henry Schroder Trust Co., Rockefeller
Center, Inc., Equitable Life Assurance Society ( J.P. Morgan), and the
Federal Reserve Bank of Boston.
=======================================================================
Alan Pifer, President
Carnegie Corporation of New York
----------------------
|
|
----------------------
Carnegie Corporation
Trustee Interlocks ------------------------------
| |
Rockefeller Center, Inc J. Henry Schroder Trust Company
| |
The Cabot Corporation Paul Revere Investors, Inc.
| |
Federal Reserve Bank of Boston Qualpeco, Inc.
|
Owens Corning Fiberglas
|
New England Telephone Co.
|
Fisher Scientific Company
|
Mellon National Corporation
|
Equitable Life Assurance Society
|
Twentieth Century Fox Corporation
|
J. Henry Schroder Banking Corporation
=======================================================================
CHART 5
=======
** Federal Reserve Directors: A Study of Corporate and Banking Influence **
- Published 1976
This chart shows the link between the Federal Reserve Bank of New York,
Brown Brothers Harriman,Sun Life Assurance Co. (N.M. Rothschild and Sons),
and the Rockefeller Foundation.
=======================================================================
Maurice F. Granville
Chairman of The Board
Texaco Incorporated
----------------------
|
|
Texaco Officer & Director Interlocks ----------- Liggett & Myers, Inc.
|
| |
| |
L Arabian American Oil Company St John d'el Ray Mining Co. Ltd.
O | |
N Brown Brothers Harriman & Co. National Steel Corporation
D | |
O Brown Harriman & Intl' Banks Ltd. Massey-Ferguson Ltd.
N | |
American Express Mutual Life Insurance Co.
| |
N. American Express Intl' Banking Corp. Mass. Mutual Income Investors Inc.
M. | |
Anaconda United Services Life Ins. Co.
R | |
O Rockefeller Foundation Fairchild Industries
T | |
H Owens-Corning Fiberglas Blount, Inc.
S | |
C National City Bank (Cleveland) William Wrigley Jr. Co
H | |
I Sun Life Assurance Co. National Blvd. Bank of Chicago
L | |
D General Reinsurance Lykes Youngstown Corporation
| |
General Electric (NBC) Inmount Corporation
**Source: Federal Reserve Directors: A Study of Corporate and Banking Influence.
Staff Report, Committee on Banking,Currency and Housing,
House of Representatives, 94th Congress, 2nd Session, August 1976.
=======================================================================
"A democracy cannot be both ignorant and free" - Thomas Jefferson
What exactly were you trying to prove with your quite lengthy and mostly incomprehensible, "try connecting the dots", comment/post?
IIRC, two of the stated reasons for a lowish inflation target are:
- that inflation has adverse redistributive effects &
- that it degrades the efficiency of the price 'mechanism' in allocating resources.
The BoE's estimates on redistribution are an admission that QE is antithetical to the first & it can only have an effect via the second.
But WTF...
Why on earth is the BoE publishing a report that basically says "my bad"?
Because they own damn near everything and just don't give a shit anymore?
It added, however, that 40% of the gains went to the richest 5% of households.
And we can easily assume that if 40% went to 5% of the richest then 90% went to 10% of the richest households. Only little better than the states where an unknown number of trillions of dollars went to just 0.0001% of the population and th rest of us got stuck with A) inflation and B) trillions in new debt because unlike GB here in the USA QE has been in effect a negative tax on the class known as the super wealthy who were targeted to recieve it in the first place.
And wasn't the excuse for the start of this we have to saturate the investor class and banksters with money or the whole system will collapse? And that would have been worse than years of depression for the vast majority how?
Well, you figured out what I have been saying for three years. congratulations. take this with george washington's post today about bondholders not taking haircuts. and you get what each and every financial resuce program has really been about. restoring the wealth to the wealthy that they lost in the crisis. Please send to krugman wo refuses to admit the bernanke loose monetary policy benefits the wealthy the most. since the majority of the economy (not owning assets) is actually the "economy" you can never make an economy better by making 90%% worse off. and they wonder why the uk (which has done the mkost Qe per capita) isn't getting better. So they will do more. It's fucking insanity and the people of the uk should be in revolt
Cantillon? Cantillon? That's just a nice long stemmed glass that we pour our Bollinger into.