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David Stockman: How the Fed loots U.S. savers to subsidize foreign banks
3:15p ET Saturday, August 23, 2014
Dear Friend of GATA and Gold:
Former U.S. budget director David Stockman's latest commentary explains how the Federal Reserve's interest-rate policy is redistributing hundreds of billions of dollars from ordinary savers and investors to foreign banks. This has to be a big reason why the countries in which those banks are domiciled decline to complain about U.S. dollar imperialism.
Stockman's commentary is headlined "Why The Fed's Outrageous Gift To Foreign Banks -- Risk-Free Aribitrage -- Is Just the Tip of the Iceberg" and it's posted at his Internet site here:
http://davidstockmanscontracorner.com/why-the-feds-outrageous-gift-to-fo...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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