Bloomberg: The world’s two most powerful central bankers on Friday delivered back-to-back warnings against dismantling tough post-crisis financial rules that the Trump administration blames for stifling U.S. growth.
European Central Bank President Mario Draghi, speaking at the Federal Reserve’s annual retreat in Jackson Hole, Wyoming, said it was a particularly dangerous time to loosen regulation given that central banks are still supporting their economies with accommodative monetary policies.
That warning followed earlier remarks by Fed Chair Janet Yellen, who offered a broad defense of the steps taken since the 2008 financial-market meltdown and urged that any rollback of post-crisis rules be “modest.”
The combined effect was “a subtle shot across the bow of those who seek deregulation. more …
Opinion: Subtle like a jackhammer. The two largest economies in the world have tried to print their way out of financial crises. We heard that some banks and auto manufacturers were too big to fail. We learned that printing counterfeit money and paying for government malfeasance and Wall Street greed would make everything peachy.
So here we are, 10 years later, wondering why the economy/wages can’t seem to grow. The central bankers have set into motion a problem that no bank or government has ever faced in history: trying to grow economies while adding to an unsustainable and growing mountain of debt.
Do not confuse that with yelling fire in a movie theater. The last 10 years have been wonderful for the uber-wealthy as asset prices exploded up with created money. The middle class that Mr. Obama claimed to be for, has suffered with stagnant wages and rising food prices.
The globalists want that to continue. If things get bad. a government allowance for every citizen is already on the drawing board:
According to Mark Zuckerberg (Facebook): It would cost $3.2 trillion per year to give every American adult an unconditional monthly income of $1000, and every child $250 (paid to the parents). This is enough to put every household above the poverty line.
And now government has the ability to track every transaction.
So with $20 trillion in debt, and a proposed $50 billion in defense and $1 trillion more in infrastructure spending, the global elites see tax cuts, business strangling regulations, more debt and money printing as viable solutions.
The Black Horse (Rev. 6:5-6) is in the paddock.