As the FT notes:
Political opposition to the US Federal Reserve’s new $600bn round of quantitative easing — nicknamed QE2 — is becoming a push by some Republicans for a change in the Fed’s mandate, dropping its goal of maximum employment and making it focus only on inflation.
It is simply staggering that people vote for the Republicans. Like the ConDems here they income tax,put the interests of capital above everything else, and somehow or other persuaded people to behave like turkeys voting for Christmas.
It is, quite literally, beyond my comprehension that anyone could put the interest of capital above the interest of human beings. And yet they do. In my book people always come first, and that cannot happen by putting capital first.
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Except that QE2 is hurting the poor most….not least by eroding the value of saving and pensions, but more directly by inflating asset and commodity prices. Metals (precious, base AND rare earth), oil, energy, food and cotton are all massively up this year. This feeds both directly into CPI, but also PPI (which then feeds CPI).
So poorer people, who can least afford the increase in prices are getting hit.
How do you feel about that?
On a similar theme, I noticed some commentary following the G20 agreement last year to provide more funds for the IMF.
“The UK’s commitment of public money will most likely be approved without any parliamentary discussion, but in the US there was extensive debate. Commentators on both the right and left wing urged the US Senate to vote against the funding provision which president Barack Obama’s administration had amended to a defence spending bill.”
@Tyler
As I have made clear, I will be publishing my alternative soon