113 MORE REASONS TO HATE THE FEDERAL RESERVE
By FITSNEWS || Over the last few years the Federal Reserve has been printing money like there was no tomorrow.
And there may not be …
But that doesn’t change the fact this protracted “economic stimulus” failed to stimulate the economy – primarily because all the money that was printed (money you, your kids and grandkids will have to pay back) went to the uber-wealthy.
Seriously … the Federal Reserve’s ongoing “quantitative easing” was the biggest transfer of wealth in human history. Just ask the people who perpetrated the theft.
Anyway … if that doesn’t make your blood boil, perhaps this will …
According to Reuters, the highest-paid 113 employees at the Federal Reserve make roughly $250,000 annually – not counting their government benefits. For those of you keeping score at home, that’s five times the amount the median American family makes in a year.
Reuters submitted a Freedom of Information Act (FOIA) request for all Fed salaries above $130,810 – which is the low end of the government’s top pay rung. Unfortunately, the notoriously secretive agency – which refuses to open its books to public inspection – declined to provide the information requested.
“The central bank only provided salaries for staff who make at least $225,000 a year,” the wire service reported.
Don’t worry, though … “next time” will be different.
According to U.S. vice president Joe Biden, from here on out the Fed’s printing presses are going to “cut (you) into the deal.”
Because you can never print enough money, right? Right?
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18 comments
Money Printing Pays Well!
Don’t try this at home, kids.
So the gist of the article is you’d rather have stupid, poorly paid, people working at the Federal Reserve? By the way, the Fed doesn’t print money, the US Mint does – what’s that average pay there?
I have no love for the Fed but what was the point of this “research”?
I see a lot of BS posts about “…we haven’t printed more money than we’ve destroyed so “the right” is making a “molehill out of a canyon” …” however boys and girls, we’ve printed about 10% more than we’ve destroyed but that is immaterial to the real issue. The real issue is the amount of money owned by non Americans (China) and the “certificates” the Fed has issued.
But FITS– it’s your people that got the money (the top 1%).
“According to Reuters, the highest-paid 113 employees at the Federal Reserve make roughly $250,000 annually – not counting their government benefits. For those of you keeping score at home, that’s five times the amount the median American family makes in a year.”
Perhaps it is “pre-compensation” in the event that the day ever comes when the people wake up and they have to face the crowds with torches and pitch forks.
Bureau of Printing and Engraving prints paper money while the U.S. Mint mints the coins. That said, the money is worthless until sent to the Federal Reserve, where most of the money that is being printed right now is only replacing old money. There is relatively very little new money actually being put into circulation. So, basically, all that is being said about printing new money from the right is mostly false. That said, government salaries are way too high. On that, we can agree.
Hell if Will is going to get bent out of shape over 113 in the Federal Reserve making over $250,000 what will happen when he finds out that there are 92 SC state employees making over $250,000? He hasn’t said one word about the one employee who makes over $1,000,000.
Difference being that the one employee making over $1m creates a profit center that returns to the state university more than $1m in revenue, making his position, and salary, a net gain to the state.
2x the salary of his boss and 4x the salary of his boss’s boss?
That’s like complaining that Kobe makes more than the gm and coach.
Nice job on using a photo with Ben Franklin on it too. Franklin was printer and at one point proposed printing more money to increase his own printing business.
According to the St. Louis Fed, the US Adjusted Monetary Base is essentially unchanged since August 2014.
What are you smoking?
At first, I just laughed over the notion of you citing a 2 month window on what is over a 6 year policy. But then I thought, “Aside from the stupidity of such a notion, is he right?”
Then I laughed more after plug and chugging at their site:
http://research.stlouisfed.org/fred2/series/M2/
Seriously, is there anything you post that is factually correct? Should I even bother with asking if you used NSA numbers?
Same site, Adjusted Monetary BASE, rather than M2. Anyone should be able to verify my numbers.
http://research.stlouisfed.org/fred2/series/BASE/downloaddata
Download the data into Excel, then compare or graph any time span desired. My point is that the expansion is leveling off, not continuing the steep climb since 2008.
“My point is that the expansion is leveling off, not continuing the steep climb since 2008.”
Look, taking a 2 month window on a 6 year policy is not proof of anything. Further, if you want an accurate account of the ACTUAL monetary base, M2 by the Feds own definition includes many more metrics for a proper look at monetary base, rather than their old calculations(which is what you’re using). Hell, people looking at hot money don’t even use what you’ve posted in their estimations. (Hedgefunds research teams, TBTF financial instrument heads, etc.)
Join the big dogs on this blog with a Disqus account, then your cred can be checked by the others who are more than “Guest” with various names to fit the occasion.
Other than that, welcome to the funhouse.
Blah blah blah Tom, good answer if we aren’t looking for logic.
Interesting take, Fits, on the Fed money printing.
Here is my take.
Who ever is in the WH, controls the US House and the US Senate in 2015-2018 will most likely have to face the unwinding of the past six years of Fed Reserve policy.
There is not a dime’s worth of difference as either party will follow the Establishment’s directives. The GOP is purging their ranks of Conservatives so as to push through any Establishment orders when the time comes.
As for how to pay for the last six years of QE Federal Reserve Policy? Simple. The Establishment will go after the 13 Trillion in public/private pensions. The Establishment already owns healthcare and Estate Taxes. Pensions forcibly converted into 8.5% annual return annuities backed by US Treasuries is the next axe to fall.