{"id":8988,"date":"2015-06-11T06:12:23","date_gmt":"2015-06-11T11:12:23","guid":{"rendered":"http:\/\/olduvai.ca\/?p=8988"},"modified":"2015-06-11T06:12:23","modified_gmt":"2015-06-11T11:12:23","slug":"oops-philly-fed-admits-qe-widens-inequality","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=8988","title":{"rendered":"Oops! Philly Fed Admits QE widens inequality"},"content":{"rendered":"<header>\n<h3 class=\"title entry-title\"><a href=\"http:\/\/notquant.com\/oops-philly-fed-admits-qe-widens-inequality\/\" target=\"_blank\">Oops! Philly Fed Admits QE widens inequality<\/a><\/h3>\n<\/header>\n<div class=\"post-meta\">Once again, the Federal Reserve proves that it\u2019s the last one to know everything that we knew already. \u00a0 Today\u2019s stunning\u00a0announcement: \u00a0The Philadelphia Fed admits\u00a0they (\u201cmay have\u201d) made the wealthy wealthier and Main Street poorer.<\/div>\n<section class=\"entry\"><strong>Oops. \u00a0Sorry America.<\/strong><\/p>\n<p><a href=\"http:\/\/notquant.com\/wp-content\/uploads\/2015\/06\/inspirational_Redistribution.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1075\" src=\"http:\/\/notquant.com\/wp-content\/uploads\/2015\/06\/inspirational_Redistribution.jpg\" alt=\"inspirational_Redistribution\" width=\"800\" height=\"589\" \/><\/a><\/p>\n<p>The Philly Fed\u00a0<a href=\"http:\/\/blogs.wsj.com\/economics\/2015\/06\/08\/fed-policy-may-have-widened-americas-wealth-inequality-philadelphia-fed-paper-says\/\">insists<\/a>\u00a0that \u201credistributing wealth\u201d to the wealthy isn\u2019t the\u00a0<em>main idea<\/em>, but\u00a0just a potential\u00a0<em>side effect<\/em>\u00a0of stimulus that they can\u2019t do much about.<\/p>\n<blockquote><p>\u201cMonetary policy currently implemented by the Federal Reserve and other major central banks is not intended to benefit one segment of the population at the expense of another by redistributing income and wealth,\u201d\u00a0\u2026<\/p>\n<p>\u201cHowever, it is probably impossible to avoid the redistributive consequences of monetary policy\u201d.<\/p><\/blockquote>\n<p>We\u2019re shocked. \u00a0<em>Shocked<\/em>, we tell you. \u00a0It turns out that handing out free money, \u00a0buying worthless\u00a0assets at face value and allowing a small cabal of private banks the sole right to access your magic free-money window, \u201cmay\u201d have given some financial advantages to\u00a0<em>\u201cone segment of the population\u201d<\/em>. \u00a0 But that\u2019s just a<em>\u00a0side effect<\/em>\u00a0of saving the \u201ceconomy\u201d.<\/p>\n<p>Of course, it\u2019s not just the bankers. \u00a0The 1% also happen to hold vastly more financial assets than the lower 99% \u2014 so they may directly benefit from financial asset-inflating monetary policy.<\/p>\n<\/section>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oops! Philly Fed Admits QE widens inequality Once again, the Federal Reserve proves that it\u2019s the last one to know everything that we knew already. \u00a0 Today\u2019s stunning\u00a0announcement: \u00a0The Philadelphia Fed admits\u00a0they (\u201cmay have\u201d) made the wealthy wealthier and Main Street poorer. Oops. \u00a0Sorry America. The Philly Fed\u00a0insists\u00a0that \u201credistributing wealth\u201d to the wealthy isn\u2019t the\u00a0main [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[952,1622,68,303,305,425,451,466,6274,662],"class_list":["post-8988","post","type-post","status-publish","format-standard","hentry","category-economics","tag-alan-greenspan","tag-bail-out","tag-ben-bernanke","tag-fed","tag-federal-reserve","tag-inequality","tag-janet-yellen","tag-keynes","tag-notquant","tag-quantitative-easing"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8988","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8988"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8988\/revisions"}],"predecessor-version":[{"id":8989,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8988\/revisions\/8989"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}