Ryan McMaken
As Fed Founders, Get Ready for More Radical Monetary Policy
The Fed has basically given up on "normalization" which means central bankers and their friends are working on even more radical policy options for the next crisis.
But what accounts for the majority of today’s billionaires’ fortunes was not the “golden eggs” of honest capitalism, but the rotten eggs of crony capitalism.
And that is fixable… not via the largesse of the legislature… giving away other people’s money to the favored groups… but by letting honest capitalism work again.
In this regard, Buffett’s sidekick, Charlie Munger is closer to the mark. As to inequality, it “would go away by itself,” he said. He’s right about that.
Let the Fed announce, believably, that it is no longer responsible for keeping asset prices inflated. Within hours, the rich would lose half… maybe even three quarters… of their wealth.
Problem solved!
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