From Market Oracle
By Paul Craig Roberts
......'' the entire economic policy of the United States is dedicated to
saving four banks that are too large to fail. The banks are too large to
fail only because deregulation permitted financial concentration, as if
the Anti-Trust Act did not exist.''
''The purpose of QE is to keep the prices of debt, which supports the
banks’ bets, high. The Federal Reserve claims that the purpose of its
massive monetization of debt is to help the economy with low interest
rates and increased home sales. But the Fed’s policy is hurting the
economy by depriving savers, especially the retired, of interest income,
forcing them to draw down their savings. Real interest rates paid on
CDs, money market funds, and bonds are lower than the rate of inflation.''