Guest Post: The Rot Runs Deep 1: The Federal Reserve Is A Parasitic Wealth Transfer Machine
by Charles Hugh-Smith
The Federal Reserve is a wealth transfer machine, skimming wealth from the productive many and transferring it to the parasitic few.
Today I launch a series entitled “The Rot Runs Deep” that examines the moral and financial rot at the core of American finance, politics and culture. We have reached a unique junction of American history: the confluence of Big Lie propaganda, neofeudalism and the worship of false financial gods.
The Big Lie propaganda machine of corporate media and the Central State has perfected Orwell’s nightmare vision of centralized media and a fascist centralized State which turn lies into self-serving “truth.”
Since the Federal Reserve is once again expected to “save” a crumbling, exploitative Status Quo, let’s use the Fed as an example. The propaganda machine would have us believe that the Federal Reserve, the privately owned central bank of the U.S., has “saved” the Status Quo from financial ruin on numerous occasions by “smoothing out” the business cycle (credit expands and contracts) and by “stimulating aggregate demand” by lowering interest rates and pumping money into the economy (quantitative easing).