Mar 23

Workers declining share of wealth and productivity gains has been hidden by rubbish inflation numbers and massive expansion of credit and housing bubbles for over 30 years. This has combined with greater financialisation and the voracious appetite of those who take no risks – known as bankers mostly but large corporates too. 2008 has actually accelerated the trends without altering one thing indeed greater and greater percentages of wealth are controlled by a small elite who make risk free gambles and get to load the debt on the populace through their politicians.

It is into this that Fed Chief Janet Yellen’s seemingly delusional call for rate rises in 6 months when they have stopped the fiscal stimul[o]us known as QE or Asset Purchases or Printing Money or A Massive Transfer of Wealth To The Rich. Yellen’s Crystal habit must be worrying for someone in that position. One can only assume she had been on a massive bender prior. If you raise rates even a small amount asset prices will drop so people’s houses will be worth less – no worries to banks and Blackstone as Obama’s Administration and the BoE have their backs so in the rest of this piece please don’t worry about the poor loves at the banks they are indemnified.

My question are Obama’s Administration or Cameron Corrupt Crony team really going to allow the Fed to unwind when the markets and they need the continued monetisation of debt to keep fooling the people it’s improving or working or that Govt can continue? Falling house prices rapidly rising food and energy prices would surely cause trouble. Even Joe Public in Britain might notice. A group which combines supine acceptance of restricted freedom because State Media and its newspapers tell it it’s OK and moral with endless cynicism.

Point is not whether this leads to a crash but how quickly people wake up. We’re not far off a society that tracks all your correspondence and movements. A society policed by facial recognition drones with no mercy or human feeling. There is an arms race in control only those to be controlled are kept quiet with house prices and money illusion.

Yellen is not waking anyone up in 6 months or 6 years although by then it may not matter.

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