We don’t exactly begrudge Janet Yellen for her blatant cashing-in on her years of service to America’s, um, Big Banks. Indeed, in the scheme of things, the $7.3 million she collected from them for speaking engagements during the past two years amounts to a miserly tip for her efforts at the Fed which can be valued in trillions of present day market cap among these institutions.
But we do despise today’s Keynesian central banking regime that has essentially turned bankers and hedge fund operators into shameless supplicants and parasites.
That is to say, the Fed’s $7.3 trillion balance sheet is the greatest financial menace ever conceived. Yet the so-called financial markets today are rife with Fed-enabled speculators who have been showered with unspeakable windfalls, thereby rendering them completely mute when it comes to the destructive insanity of the policies which emanate from the Eccles Building.
By contrast, back in the day we rarely meet a Wall Street banker who wasn’t anti-deficit and who wouldn’t have been horrified by today’s massive monetization of the public debts.