The Oil Drum

No matter how they try TPTB can not push a few buttons and change the bank balance of every American.

According to Mike Whitney, they have no such intention in the first place.

(or you might say, they do, and they can indeed push those buttons, but not with the goal you think they'd have in mind)

Trouble in Hedgefundistan: “Its gonna get a lot worse”

Now that foreclosures are mushrooming at an unprecedented pace, the Fed is trying to distance itself from the problem by blaming the banks for their shoddy underwriting practices. But the guilt lies with the Central Bank. Its all part of their whacko plan to crush the dollar and create a police state.

It may sound trite, but “inflation is theft”. Unfortunately, inflation is also part of the ruling class' strategy to rob the poor, fuel the stock market with cheap credit, and move jobs overseas. It is the autocrat's method of “social engineering”---shifting wealth from one class to another by simply printing more money and pumping it through the system via low interest rates. Remember, bankers know that people will ALWAYS borrow money if lending standards are relaxed and the money is cheap enough. At 1%, the Fed was basically losing money on every transaction, but persisted with their plan anyway.

Anyone who cares to go back and trace interest rates moves for the last 7 years will see that the Fed is really a political organization that decides monetary policy entirely on the basis [of] an elite agenda that supports endless war, outsourcing of American jobs, and domestic repression.