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When the US FED reduces the interest rate, it is stealing from the 99% - part 1  

2011-11-20 13:01:04|  分类: Economics (Unto |  标签: |举报 |字号 订阅

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In the good old days your bank savings account earned you at least 3% annual interest. The banks are blood-suckers take their profit under the beautiful name called interest spread of say, 2%. The businesses that borrow money from the banks had to pay an annual interest rate of 5% to the lending banks. They must pay the interest on their loans first before they can declare final dividends to the shareholders. What does this means to you, fellow 99% of the American public?

It means all of you have a share in the business profit in the form of repayment of interest to the business loans that was made possible from your banks savings account. Therefore, Your bank savings account earn a share of the business profit, no doubt, you would like the banks to take a smaller share of the business profit with a lower interest spread. (Let’s drop this issue in this discussion.)

When Alan Greenspan became Chairman of the US Federal Reserve, he reversed Paul Vocker’s policy of keeping the rate of inflation in reign and begun a two-decade long hideous monetary policy of reducing the Central bank discount rate to banks that need to borrow money from it. Your bank savings rate is very much tied to this discount rate. As the discount rate goes to near zero, at 0.25%, your bank savings rate goes down to almost zero. This is the most effective form of removing your share of the business profits that all the corporations.

In other words, the Board of US Federal Reserves had singularly decided to remove your from a share of the business profits and keep them into the hands of the rich shareholders in the form of much lower interest rate on the business loans given to the rich. The US Fed is the ‘other’ Robin Hood who robs the poor to give to the rich.

To rub salt into sore wounds, the self-centered Japanese government had been robbing its ordinary citizens of a share in the business profits with their near zero bank savings rate for more than two decades now. The pro-business minded Singaporean government too, had been removing the ordinary from a share of the business profits. Look at their Gini coefficient, a measure of the rich poor gap. Japan is 0.xxx Singapore is 0.476, second highest in the world after Hong Kong. USA is 0.xxx. 

Ben Benanke follows Alan Greenspan’s policy to remove you from a share of the business profits. This MUST be stopped immediately. How?

Some of you had demanded an end to the Us Federal Reserve institution because they knew exactly what they are doing is stealing from the 99% and giving it to the top 1%. I do not disagree with you cry.

However, let me share with you something that Laozi, a Chinese philosopher who wrote about the selection of people into leadership positions more than 2,500 years ago. 何谓贵大患若身?吾所以有大患者,为吾有身,及吾无身,吾有何患。故贵以身为天下,若可寄天下。爱以身为天下,若可托天下。

Here is the complete translation: When we view our physical body, why must we be scared when we find that our body is sick or harm? We feel afraid because we are selfish or self-centered in nature. If we are not selfish or self-centered, there is no reason for us to be scared about anything! That is why he who has an attribute that he cares for the people as much as he cares for himself, we can let him lead the people; he who loves the people as much as he loves himself, we can appoint him into the leadership position.

Who are the people appointed to the various Federal Reserve districts? Does anyone of them cares for the people more than they are for themselves? Does anyone of them love the people more than themselves? If not, why are they being elected into the leadership position to control our economy?

Let’s recall with a finer pairs of eyes, during President Bill Clinton era, the bank savings was not near zero. It was President George Bush Junior, his Cabinet and his fellow Republicans who control Congress who collectively forced Alan Greenspan to reduce the interest rate to near zero.

Let’s wake up, fellow Americans. We have failed ourselves by voting George Bush Junior into the Oval Office and the whole bunch of Republicans. They had never loved us nor cared for us. At this moment they are fighting to kill President Obama proposal to increase tax on the rich.

Summing up, we had put in the wrong set of people in leadership who hideously remove us from a share of the business profit by reducing our bank savings rate to near zero.

 

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