Some of the Fed's money printing stays very close to home.
The top 113 earners among staff at the Federal Reserve's Washington headquarters make an average of $246,506 per year, excluding bonuses and other benefits - more than Fed Chair Janet Yellen and nearly double the normal top government rate, reports Reuters.
Yellen earns $201,700 a year.
It's no wonder that none of them rock the outrageous money printing machine, when some of them no full well how it distorts an economy.
Yes. But where's the REALLY STRONG EVIDENCE of a financial incentive to ignore and suppress Austrian analysis? Really.
ReplyDeleteIn reading this I'm reminded of that scene in American Gangster where Frank Lucas's heroin house had a bunch of naked chicks processing the stuff in it.
ReplyDeleteI think I'm OK with Yellen keeping her clothes on, even though she gets to stuff some of the printed up money in her pockets. It's probably worth it until this particular house of cards finally blows over.
Corruption in America
ReplyDeleteFrom Benjamin Franklin’s Snuff Box to Citizens United
When Louis XVI presented Benjamin Franklin with a snuff box encrusted with diamonds and inset with the King’s portrait, the gift troubled Americans: it threatened to “corrupt” Franklin by clouding his judgment or altering his attitude toward the French in subtle psychological ways. This broad understanding of political corruption—rooted in ideals of civic virtue—was a driving force at the Constitutional Convention.
For two centuries the framers’ ideas about corruption flourished in the courts, even in the absence of clear rules governing voters, civil officers, and elected officials.
Should a law that was passed by a state legislature be overturned because half of its members were bribed?
What kinds of lobbying activity were corrupt, and what kinds were legal?
When does an implicit promise count as bribery?
In the 1970s the U.S. Supreme Court began to narrow the definition of corruption, and the meaning has since changed dramatically. No case makes that clearer than Citizens United.
In 2010, one of the most consequential Court decisions in American political history gave wealthy corporations the right to spend unlimited money to influence elections. Justice Anthony Kennedy’s majority opinion treated corruption as nothing more than explicit bribery, a narrow conception later echoed by Chief Justice Roberts in deciding McCutcheon v. FEC in 2014. With unlimited spending transforming American politics for the worse, warns Zephyr Teachout, Citizens United and McCutcheon were not just bad law but bad history. If the American experiment in self-government is to have a future, then we must revive the traditional meaning of corruption and embrace an old ideal.
http://www.hup.harvard.edu/catalog.php?isbn=9780674050402
Just like politicians, Yellen will cash in once she is out of office, and starts charging $250,000 per propaganda session err... "speech," or starts writing books.
ReplyDelete