As an economist, let me put forward a villain: Hugh L. McColl, Jr. I doubt that one in a hundred of you ever heard of him but he was the driving force behind the bank consolidation that began in the 1980’s, accelerated through the RTC in the 1990’s, was given the financial equivalent of crack cocaine with the repeal of Glass-Steagall, and metastasized into the financial meltdown of 2008 which has left us all imperiled by a very literal Sword of Damocles: “too big to fail”.
While we common folk are fretting about “fees” and generally getting our panties in a knot arguing about politics, no one seems to ask “why aren’t the anti-trust laws being enforced”? Not one man in a hundred know that the Federal Reserve Bank is owned by the Member Banks and not one in a thousand realizes that there, behind closed doors, is blood on the Boardroom floor as one giant bank “kills” another (e.g., Wells Fargo’s murder of Wachovia and theft of its assets).
Every dollar the Fed prints makes the one that exists in your pocket worth less. This quote describes the process perfectly:
“The best way to destroy the capitalist system is to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens”. –John Maynard Keynes
(For those of you who think his credibility to have been damaged by the egregious failure of the “stimulus” programs, here are words from Lord Keynes shortly before his death:
“I AM NOT a ‘Keynesian’!!!”)