Prison Planet.com » Ben Bernanke – The Father Of Extreme US Socialism

Mike Shedlock
MishTalk
March 5, 2019

Looking for a reason for the upsurge in radical socialism, don’t blame Trump, blame the Fed.

Writer David McWilliams penned an excellent article in the Financial Times:Quantitative Easing was the Father of Millennial Socialism.

McWilliams notes that Fed chairman Ben Bernanke’s “cash for trash” QE scheme drove up asset prices and bailed out the baby boomers. The cost of course, was pricing millennials out of the housing market.

Unorthodox policy penalizes the asset poor.

What assets do millennials have? Hardly any. Instead they are saddled with mountains of student debt which, thanks to president George W. Bush, could no longer be discharged in bankruptcy.

The Bankruptcy Reform Act of 2005 would have better been called the Debt Slave Act of 2005.

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