This article was written by Michael Snyder and originally published at his End of the American Dream blog.
Editor’s Comment: It’s not that the wealth of the world’s richest is so obscene, but it is the price that their wealth has cost the rest of the people trying to earn a living, and survive with a decent living standard. Without announcement, the bargain that afforded most people in American a middle class lifestyle was canceled, and the jobs were shipped out the door. For nearly four presidential terms, under eight years of George W. Bush and nearly 7 years of Obama, they’ve been liquidated the assets, and moving things out the back.
While people sign up for food stamps in record numbers, and others load up expenses on credit cards and borrowed money, technology is hollowing out the core economic backbone for working people in this country. Replacement of human jobs by robots, computers and AI is turning a new corner, and society will be challenged at every level with a very mortal struggle to remain relevant and stay afloat financially, and hopefully, with a shred of dignity remaining. This is well beyond politics.
20 Super Wealthy Individuals Have More Money Than The Poorest 152 Million Americans Combined
by Michael Snyder
Do we need any more evidence before we will finally admit that the middle class in America is being systematically destroyed? As you will see below, when you add together all of the wealth of the poorest 152 million Americans, it still falls short of the combined net worth of the 20 wealthiest Americans. This is a list that includes Bill Gates, Warren Buffett and Mark Zuckerberg. To many, the core of the problem is that people like Gates and Buffett are making too much money. But I disagree. There is nothing wrong with working hard, building a company and making lots of money. The real problem is the fact that the bottom half of the country is steadily getting poorer. Once upon a time, this nation had the healthiest and most vibrant middle class in the history of the world, but now that middle class is dying. If we don’t do something about this, soon we may not have much of a middle class left.
When I was growing up in the 1980s, it seemed like virtually everyone was middle class. I didn’t know of any family that had a father that was unemployed, everyone seemed to have a house and a couple of cars, and no kid that I went to school with could have been described as “impoverished”. Yes, life was definitely not perfect, but it seemed to me that pretty much everyone was able to maintain a decent standard of living.
Sadly, things have dramatically changed since then. Yes, the wealthy have gotten wealthier, but at the same time the ranks of the impoverished have absolutely exploded. At this point, 20 extremely wealthy individuals have more money than the poorest 152 million Americans combined…
The richest 20 Americans, with a combined net worth of $732billion, are as wealthy as half of the U.S. population, according to a new study.
Findings showed that the country’s 20 wealthiest people, which includes Bill Gates and Warren Buffet, now own more wealth than the bottom half of the population combined or 152 million people.
The study by the Institute for Policy Studies also found that America’s wealthiest 400, with a combined net worth of $2.34 trillion, own more wealth than that of a staggering 194 million people – the bottom 61 per cent of the country combined.
At one time, nobody would have debated that the U.S. had the healthiest middle class on the entire planet. But now we have actually fallen behind a whole bunch of other nations. According to CNN, the United States now only ranks 19th when it comes to median wealth per adult…
Americans’ median wealth is a mere $44,900 per adult — half have more, half have less. That’s only good enough for 19th place, below Japan, Canada, Australia and much of Western Europe.
“Americans tend to think of their middle class as being the richest in the world, but it turns out, in terms of wealth, they rank fairly low among major industrialized countries,” said Edward Wolff, a New York University economics professor who studies net worth.
$44,900 per adult may sound okay, but when you look deeper into the numbers things become quite disturbing. According to the U.S. Census Bureau, household wealth for the poorest 40 percent of all Americans dropped significantly between 2000 and 2011. For the bottom 20 percent, median household wealth dropped from negative 905 dollars in 2000 to negative 6,029 dollars in 2011. For the next 20 percent, median household wealth dropped from 14,309 dollars in 2000 to 7,263 dollars in 2011. In other words, the poor have been getting poorer…
So what is the solution?
Well, the truth is that you can’t have a thriving middle class without lots of middle class jobs. And unfortunately for us, our economy has been bleeding middle class jobs for a very long time.
As I pointed out just recently, if the U.S. government was actually using honest numbers, the unemployment rate in this nation would be more than 22 percent.
But even if you have a job, that does not mean that you are part of the middle class. As the quality of our jobs has deteriorated, the ranks of the “working poor” have absolutely exploded. In recent years, we have seen part-time and temp jobs become a much larger part of our economy, and as a result more Americans than ever are really struggling to make ends meet.
In an article that I published near the end of October, I included brand new income numbers that were just released by the Social Security Administration. To me, these numbers are absolutely staggering…
-38 percent of all American workers made less than $20,000 last year.
-51 percent of all American workers made less than $30,000 last year.
-62 percent of all American workers made less than $40,000 last year.
-71 percent of all American workers made less than $50,000 last year.
If you are extremely frugal, you might be able to support a middle class family of five on $50,000 a year. But as you can see, 71 percent of all American workers make less than that.
Even if you have a mother and a father that are both working, that is often not enough to make ends meet. Many Americans are working as hard as they possibly can, only to find that they still come up short at the end of the month.
And with each passing year, the middle class continues to get smaller. It is almost as if we are playing a really bizarre game of economic musical chairs. With each round, more chairs get removed from the circle, and all the rest of us just hope and pray that we will get to remain part of the middle class for a little while longer.
What we are doing as a nation is simply not working. We are now seeing the consequences of shipping good paying jobs out of the country for decades, and yet our leaders continue on with business as usual.
Just look at what Barack Obama is doing. He is working hard to promote “the Trans-Pacific Partnership“. This insidious treaty will result in millions more good paying American jobs being lost overseas, but he doesn’t seem to care.
No matter whether it is a Democrat or a Republican in the White House, the game remains the same and the middle class continues to suffer.
When will we ever learn?
It Took 22 Years to Get to This Point
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What a prepper could do with that kind of cash???
Be well all..
Eppe
I would have my bunker, my food for my large family, a way to protect it, 3rd Gen night vision, Drones, Wind and solar power All the goodies I would need to sustain my group/family for three years.
100 ac., Farm equipment, seeds, spare parts, fuel, and some good old tools to work the field, because the modern stuff won’t last long. . In a better climate than Illinois.
I’m just thinking out loud.
Sgt.
“When I was growing up in the 1980s, it seemed like virtually everyone was middle class.”
Only because you lived in a middle class area and were surrounded by people of your same economic class.
Believe me not everyone was middle class back then.
People always tend to look back on the past with rose colored glasses. The human memory is one of great distortion.
I didn’t grow up middle class, and I didn’t know many middle class people.
When I was 4, I lived in a house that was in such bad shape that you could look outdoors through cracks between the boards in the walls. When the wind would blow in the winter, the linoleum rug in the living room would rise several inches.
The house I lived in from age 6 to 18 started out with just one 9×12 bedroom for 4 people. My father never made as much as $20,000 a year. He never had a new car until the last couple of years he worked. Most of my neighbors were poor. There was one classmate who lived at the end of an 8-mile dirt road in a shack with hogs in the front yard (actually mud).
I don’t think they allowed many middle class people to live in my part of the country back then.
I am making less now than I did 10 years ago doing the ezac same job by $16k. Compared to 6 years ago I am making $28k less. So, don’t go pissing on my shoes and tell me it’s raining. The middle class does not exist.
I mentioned around December 1st, that the business cycle was over and that this should be apparent within the next ninety days. Here is an interesting article that supports that prognosis:
http://www.thestreet.com/story/13387842/1/why-the-dow-jones-industrial-average-could-begin-a-70-decline-in-the-next-few-weeks.html?puc=yahoo&cm_ven=YAHOO
Buckle up, My Peeps, shit rolls down hill. 🙁
The real problem we face is that we no longer produce new wealth through productive jobs that fuel and enrich the middle class.
That was our real wealth, the ability to produce and create new wealth.
But we gave that away and transferred it to China and third world countries beginning with Clinton and the Republicans passing the original NAFTA and followed by both Bush and Obama explaining it more and more with all the new trade agreements (that are treated like treaties) they have established.
There is no political will to reverse this.
Here is where the real wealth lies; major stockholders of the non federal reserve:
The Rothschilds of Europe/Bank of London, Bank of Berlin
The Lazard Brothers Bank of Paris
The Israel Moses Seifs Bank of Italy
The Kuhn Loebs Bank of New York
The Goldman Sachs Bank of New York
Chase Manhattan Bank
American Express
The Rockefellers of New York
Former Bear Stearns
Can you still honestly tell yourselves “it is the Muzzies”? These Zionists are hell bent on owning the world and they have a blueprint to use our money and our treasure (our kids) for their longed for WW3 which will usher in their OWO via the United Nations. But first they must destroy/own the rest of the Middle East….and that is where the Muzzy comes in. They MUST prepare the American people to go to war and they also MUST disarm the American public.
Read Albert Pikes clear explanation of how/why WW1 and WW2 were to be formented and what would be the lead up to WW3. It is crystal clear how the muzzys would fit into the equation.
Lest you think old Pike was just a “Piker” think again. Statues and accolades to him all over the eastern US.
Read again the list above, how many muzzy names do you see there?
We are being set up once again to do these rich peoples bidding (which will bring down America); and most Americans choose to believe the MSM propaganda. The MSM which is also totally owned by Zionists.
Faux News and Glen Beck are controlled opposition. All covering the trail of the real culprits.
So go back to sleep, sheep, or let your fingers find the truth….if you dare!
What he said ^^^^^^
Got to second that too.
Once more an American displays his ignorance of world events! There is no such thing as a ‘Bank of London’. There is, however, a Bank of London and the Middle East, which is, much to your anti Semitic rant, Sharia compliant. Mixed messages or what?
It’s only because I get great amusement from American ignorance and lack of education that I bother reading such nonsense as yours!
Cerberus:
Splitting hairs, Cerberus?
Would it make you happier if I would have wrote Rothschilds’ banks of London and Berlin?
Try as you might you can’t muddy the truth with your sly “anti-semetic” comment. But good try.
PS: Picture on the internet of the Bank of London. See it for yourself.
Never heard of Albert Pike before. So I looked him up.
Here’s some snippets:
o A 33rd degree Mason, he was one of the founding fathers, and head of the Ancient Accepted Scottish Rite of Freemasonry, being the Grand Commander of North American Freemasonry from 1859 and retained that position until his death in 1891. In 1869, he was a top leader in the Knights of the Ku Klux Klan.
o “Pike was said to be a Satanist, who indulged in the occult, and he apparently possessed a bracelet which he used to summon Lucifer, with whom he had constant communication.”
FreeSlave:
Damned right, he was all those things, and much, much more. He fits right in with the nation wreckers from the beginning of time.
But I dare you to deny his description of the three world wars. They are spot on with what happened and what IS going to happen.
Don’t let FreeSlaves’ description of Pike dissuade you from reading his outline of your demise.
First, it’s NOT Freeslave’s description, it’s what he found out by looking up the guy for himself. Second, I guess it’s fine and dandy to be in league with a devil worshipper as long as you like what he does. Lastly, so what? All you’ll ever do is piss and moan about it on the internet, you’ll never do anything that requires leaving your computer chair so who cares anyway?
Canon:
Truth certainly brings the worms out of the woodwork.
You are another poster boy of “ad hominem” (attack the messenger, not the message).
Prove what I wrote is NOT TRUE; then you will become a worthy opponent. Otherwise, crawl back in your dark hole.
Sounds like I hit the main nerve there grandpa. When you speak of ” truth”, fact is your sorry ass will never make it’s way out of your computer chair for anything but a diaper change. You, them assholes, genie girl, all of you, helpless old men who are only capable of bitching and moaning. Maybe you guys should check out the soylent green option?
GH Bush proposed NAFTA and the media went ballistic. Ross Perot ran a campaign against it drawling votes from GH Bush. Perot sabotaged his own campaign. Bill Clinton spoke against NAFTA and with GH Bush loss assumed the Presidency. Clinton then did a 180 degree reversal and was now for NAFTA and got vital Democrat support for its passage. The Main Stream Media was for all practical purposes silent.clinton then signed it into law.
What one can see is a very elaborate plan that bore fruit for the globalists at the expense of the Middle Class that because of their Food and Circus preoccupation are ignorant of exactly what happened. To them its, “The Republicans”; they love bill Clinton.
The Congressmen and Senators survived reelection and voted for both China Free Trade and the demise of Glass Steagall which greatly deregulated the Financial Sector and both became law in Bill Clintons second term.
The above shows the failure of self government as the masses are far too miss informed and ill informed. Its quite intentional with the help of the corporate Main Stream Media.
To sum up:
1. The Republicans propose it.
2. The Media chastises them.
3. The Democrats win.
4. The Democrats pass what the Republicans propose.
5. The Main Stream Media is silent.
6. The Public remains ignorant out of intellectual laziness.
On foreign affairs the cycle may reverse with the Democrats proposing and the Republicans doing the follow through.
“All The World Is A Stage”.
What he said too ^^^^^
The real problem is that Americans allowed the NWO PTB to ship the American means of production offshore to China while allowing the Uber Rich unfettered access to American Markets under FREE TRADE, without a fight.
Trump and the massive movement he has spawned represents the political will of the American People to reverse the tide and reclaim America from the New World Order.
Its our last best hope. 🙂
Previously I explained that the NWO was gearing up to take excess world production from China and move it to Mexico, noting that the Mexican Peso had degraded from 8 to 1 to the dollar to 12 to 1 to the dollar and would likely degrade more, not being surprised if the exchange rate did not reach 16 to 1.
Yesterday the Mexican Peso/USD exchange rate exceeded 17 to 1. I would not be surprised now to see the Peso/USD slide to 24 to 1.
Engage the New World Order or be enslaved by it. Your choice. 🙂
Gun control on move today on cspan. WARNING STEP UP ,WE ARE HELPLESS UNTILL
THEY ARRIVE TO MOP UP AFTER AN ATTACK.
Im an electrical engineer. I used to think I did pretty good.
My wife worked for the city as a secretary/book keeper. I made about 5 times as much as her. She kept the job because it had good insurance. 25 years later she makes more than me in the same job. I cant find a steady job. The steady jobs are all entry level and pay less than mcdonalds too. So I do contract work and it is hit and miss getting paid by companies that make huge profits.
Ed
If you specialized too long in a field within your discipline that is no longer needed you can still back tract and become an Electrician. The License Exam should be a breeze for you (once you study the code) and some jurisdictions take some formal education in lieu of the 5 years required to sit for the test.
Hey Kevin,
Electrical engineers are still in demand, especially if you understand “VHDL” and “RTL”. I spent ten years in the profession at a world class facility. Software engineers are still in demand, I spent ten years at a world class aerospace company. My degree is a BS in computer science. I have over 17 years as an electronics technician covering tube to FPGA technologies repair. I’m not bragging here, just pointing out that even if you have a education, a variety of experience, and have kept up to-date, Nobody wants to hire you because, what is unsaid, is age. Nobody wants to hire an old man that can’t be worked to death and can retire any time he feels like it once he hits age 62. Who wants to go to a shit hole in Kansas to design power supplies for $25 an hour? I could get a PE in Florida and make a lot more, at a power plant, but 60 hr work week is standard. In the end you can bring in a young foreign engineer and they would happy as can be at $20 per hour and would work 80hrs a week.
So give Ed a break.
Be proud Americans and fly your Corporatist Fascist filthy American flag of genocidal murderous fascist horror. Show your proud support for the disgusting vile evil New World Order criminal money pig fascist THIEFS controlling the collapsing hellhole of America. Wave that vile American flag, and show your proud support for the Corporatist Fascist monsters stealing you blind, dumbing down the children you should of NEVER had, and poisoning you and your family with toxic FAKE FOOD, fluoridated water geoengineering, and of course the disgusting vile poisonous toxic Big Pharma garbage. Come on coward Zombies in collapsing fascist vile evil America, let me hear it…”USA were #1, USA were #1″. The “land of the dumbed down brain dead Zombie slaves, home of the coward pussy fascist boot lickers” is just sooooooooooo “exceptional”.
Unless the true and real Americans come to realize that the so called elites who are in control of the wealth distribution and mainly the destruction of the majority but most importantly these elites are the main ones behind all of the blood shed in the world such as creation of the barbarians named ISIS via cooperation with the other elites in the satanic cult centers of the Saudi’s / Israelis, the same story will continue.
May God bring the day for the elite / tyrant cleansing worldwide.
Stolz, we can hope but there is a saying and it seems to hold true:
“He who takes the tyrants head, becomes the tyrant in his stead”
Power corrupts, Absolute power corrupts absolutely…
Nothing in the article we already did not know. It was actually a very small percentage that actually was middle class. many where peons & serfs deep in debt who mistakenly thought they where middle class.
I agree OG , there were alot of people that borrowed their way into a middle class life.
Its just not possible to borrow your way in anymore.
Credit is cheap but hard to get .
Ain’t that the truth. Many Americans give off the illusion of prosperity. When in reality they are mortgaged to the hilt with credit card debt out the ying yang.
The globalists have been systematically destroying the middle class for 40 years. First it was allowing Japanese imports despite the fact that the Japanese didn’t allow our exports into Japan or they had high tariffs on them. That destroyed the American steel and tire industries.
America is also being flooded with immigrants who don’t share our language, culture, or values. And they get more in benefits than they will ever pay in taxes. America is being bankrupted. America is going to be a third world country once the rest of the world stops accepting our pretty pieces of paper in exchange for real goods.
I don’t have a problem with the rich being rich. Bill Gates’s wealth isn’t the reason middle class jobs are disappearing in America.
Home ownership is the key to more wealth. If your income is high enough and you can afford a home, it becomes the biggest asset a person typically has.
….
.
This is what happens when you allow Zionists to
I
infiltrate every level of Finance, Politics, and Media.
Voltaire was right.
Voltaire said you will know who rules by whom you
cannot tell them off.
yes he was 100% correct
If the interest rate is raised it will prove the dollar’s weak.
why this article can’t possibly be true !
the FAUX News Network says class warfare is just a myth
and they’re “conservative” so it must be true !!!
I kept my job
but had to take a five dollar an hour pay cut to do so
Satori: Go read one of articles in past week or so at incogman dot net website…About how pissed off repub necons leaders and carl rove et al are at trump…That article contains several other links for proof solid to back up the issues written of it it…Mainly issues such as how several recent top level gop-neocon repubs met at several jewish pro repub organizations to discuss methods to derail Trump asap in fear of neocons will lose bid for whitehouse.
The quoted statements by various top high level jewish donars etc show their True intent and goals for turning usa into 3rd world shit hole….Those jewish wealthy donars do not hold back on describing their combined abject Hatred for whiteys in general and the many whinny crys of Trump being a evil Rayssist! and how Trump white supporters are mainly not just racist but also total antisemites and neo nazis etc etc.
I rekon when they speak out as such they do not think what they say is ever going to be found out by Us reg peons and evil whiteys eh?
if you go to his website just scroll down thru many latest articles to locate this one and a couple more like it within last week or two articles…
These people who inherited billions can and will be held responsible as traitors. But since they own the media and courts it will take a higher power . The inequity of man.
In Mountain of Crumbs, a memoir of childhood in the 1960s and 1970s propaganda-soaked Soviet Union, Elena Gorokhova explains the meaning of “vranyo”, the Russian word for a lie or half-truth: “In Russia we played the ‘vranyo’ game on a daily basis. The government lied to us, we knew they were lying, they knew we knew they were lying, but they kept lying anyway and we pretended to believe them. ” During the Soviet era, “vranyo” became the de facto way of life, an instrument of governmental coercion as well as a coping mechanism to endure both unbearable calamities and trivial annoyances of life in a totalitarian state.
In America today, “vranyo” is political correctness and radical Islam is a lethal threat rather than a trivial annoyance. What is the nature of a religion, where the more “devout” you become, the more you want to kill people?Make no mistake. Obama and his fellow travelers intend to soothe us into complacency and continue to pursue policies that will ultimately make us more vulnerable.
– The above is from Lawrence Sellin, Ph.D. is a retired colonel with 29 years of service in the US Army Reserve and a veteran of Afghanistan and Iraq. Colonel Sellin is the author of “Restoring the Republic: Arguments for a Second American Revolution Above cited from his full article at http://www.familysecuritymatters.org/publications/detail/obama-is-not-delusional-he-is-ideologically-and-resolutely-anti-american?f=must_reads
Any one know if Obama crony, leftist Jon Corzine, ever found that $1.6 billion he “lost?”
Man, that slap on the wrist he got for it must have really hurt!
He has another investment firm, never even lost his license, so I don’t think he even received a, “Slap On The Wrist”.
“An uneducated man robs a train”. “An educated man steals the railroad”.
President Theodore Roosevelt
Give a man a gun and he can rob a bank.
Give a man a bank and he can rob the world!
Test:
Thanks for acknowledging my post under the ‘Peter Schiff Warns” subject on Dec. 7. Your comment #3483749.
When I asked why your history lessons do not go back as far as 1918 (the take over of Russia by the Bolsheviks) your answer to me was, quote:
“My history lessons usually don’t go back to 1918 simply because this is Mac’s blog, not mine”.
Before I read PC into your comment, or worse censoring of comments dealing with that era, I would like to give you a chance to explain.
There seem to be comments that get hung up in moderation forever, or simply disappear when SUBMIT button is hit that deal with the truth of this God awful period in history and who the real true perpetrators were that carried out the killing of millions.
I didn’t see your reply until today or I would have written this to you at the time of your post.
Most of these characters got where they are because of family connections. Look at the schools they have attended and the jobs they have held. It’s a revolving door if they are in the club.
The only growth industry in America is financial fraud enabled by gangs of attorneys, MBAs and politicians.
They pay the attorneys to write the laws, pay the politicians to pass them and pay the accountants to cook the books.
Fraud and death are the mainstays of the Anglo-Zionist Empire.
JRS
Your correct. What was at one time a Felony under Glass-Steagall is now merely unethical.
Interestingly in our upside down world, that which is ethical, is now unethical. As Gordon Greco said in the movie Wall Street; “Greed Is Good”. Its simply wrong to allow the trusting foolish people to keep their money. Its just not right as wealth needs to be in the hands of the shrewd and cunning. Its like an economic evolutionary cycle of, “Survival of the Fittest”.
THE FEDERAL RESERVE: SPREADING DEATH AND DEBT SINCE 1913
I’m not sure if I still qualify as middle class.
I moved from a 2 bath house to a 1 1/2 bath house…if you count the back porch.
If I could afford eggs, I’d have bacon and eggs (if I could afford bacon). {SNORT}
This is all being done intentionally to destroy the country and ultimately force the nation to accept the New World Order as the only possible savior. Savior my azz, we are all screwed. The large corporations are now feeling the pressure. Many in this country can no longer afford to purchase the cars and other plastic garbage that arrives on our shores. The Corptocracy can no understand why people are not buying the shit. Many no longer can afford the crap and put food on the table. For me the choice is simple to hell with the Corptocracy. They can all go straight to hell. The End…
Hey Michael, the year is almost up. Where’s that collapse you predicted? Hmmmm?
Things must be going really well for you then.
Voltaire said you will know who rules by whom you
cannot tell them to go to hell.
Excuse me while I dust out my wallet…….
When will you libtards get it? This is nothing more than free market capitalism!!!!! Don’t like it? Improve yourself, work harder and improve yourself. Sheesh, you are making Obama proud with your whining.
B from CA: He aid quite alot More on the issue too.
However You/We Should continue to speak the truth and especially do as Christ Mandated christians to do…
Which is we are to “Rebuke and Reprove” them what do wrongs etc and none do as much globally as the tribe we are supposed to maintain a huge taboo of speaking their name.
Yes I know that flys in face of what Most of todays usa apostate christians claim…IE: their false no where can be found in a bible command to “bless the jews” etc.
But what if it ends up as woe to them what rather take advice from apostates and false teacher prophets instead of obeying Christs actual commands eh.
I think we are in the middle now of Two promiced events to occure long ago wrote..
#1 a Great huge apostacy in christianity.
and #2 that bible part in NT where it says stuff about how “they have a form of worship of the Created things, of animals, trees, stars. moon etc etc and even of the creepy things that walk the earth (insects and snakes and spyders)..BUT they Fail to give true worship to God whom created it all.
I believe #2 is a combo issue of tree hugger type worship and global warmer types etc, and combined with what God says hes going to do about it.
He says because of these things done hes going to send a great delusion and Put into their Mnds to accept it! so then he will finally Destroy them with His great Wrath.
What bigger delusion of todays usa can be found, other than besides global warming and animal worship etc than this massive falsity promotion of israel firsters and unquestioned scofield influenced defence of all things jewish?…AKA Jewdeo christianity aka an Oxymoron.
Perhaps if this is correct, its why we seem so unable to ever awaken so many folks today eh?…Its been put into their minds to accept it all by God Himself as promiced.
Yes we still need try to awaken folks…But we also may fail big time to awaken many due to that.
Plus if I am correct on it, that muct mean His wrath on them types aint too far away from now in comming eh.
I will try to locate exact bible part its in if can and post the chapter and verse numbers for you to read.
Nothing creates wealth disparity like the federal reserve banks. The FOMC manipulates interest rates so that those with the greatest assets benefit the most while their incessant devaluation of the dollar drives the middle class into poverty and the impoverished into despair.
The present mindless and endless ZeroRate is destroying what little wealth seniors have saved for retirement. Many have invested in the risky end of bond funds and when the present ZeroRate generated bubble bursts, so will their savings. Those with the greatest assets will have safely shifted their investments to assets that gain from the crash.
Its criminal.