Clipped from Stansberry’s Investment Advisory:
This week, we lost a great friend – Ben Bernanke.
As Porter and his research team describe in this month’s Stansberry’s Investment Advisory… no other Federal Reserve chairman in history did so much to improve the fortunes of the wealthy.
Bernanke dropped real interest rates well into negative territory. That allowed the world’s wealthiest capitalists access to unprecedented amounts of capital at rates of interest that literally paid them to borrow.
Meanwhile, the people he fleeced – the workers, the savers, the few Americans left with simple industry and thrift, the kind of folks who would never have believed the government would actively try to hurt them – have been wiped out. They’ve seen the real value of their wages, savings, and standard of living decline by huge amounts.
We know what to expect from Bernanke’s likely successor, Janet Yellen. The central bank’s policies will continue to support and promote the incredible profligacy of our country’s government. These policies will, in the end, cause unbelievable harm to millions of Americans. They will devastate the average standard of living in our country and leave a great many people in abject poverty.
You see, a market correction used to involve writing down the value of real and financial assets to reflect the true productive capacity of the economy. This is what led to those historical stock market crashes and the stories of Wall Street brokers jumping out of windows.
Now, we wouldn’t really want them jumping out of windows again, but the new economic policy saves them from their mistakes by propping up asset prices through easy credit, creating more debt to be assumed by the average taxpayer, impoverishing said taxpayer over the long term.
That’s okay, our elites point out, we’ll just raise the retirement age and keep y’all working longer. Thanks Ben.
So, are you still cheering for Janet Yellen?