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An Open Letter To Chairwoman Yellen From the Savers of America


#1

An Open Letter To Chairwoman Yellen From the Savers of America

Ralph Nader

Dear Chairwoman Janet Yellen:


#2

From an economic perspective, the liberals seek controlled inflation in order to spur the conservatives (savers--and large corporations that are now sitting on enormous cash reserves)--who would lose power through inflationary processes. That corporations are using their wealth to further their financial interests through stock buybacks and the like rather than investing in new industrial production marks perhaps the acknowledgement that the ever expanding economic model has run its course. Without a new model to be pursued, the uber wealthy, who can afford to wait things out, will. Those on fixed incomes as you mention Ralph, obviously can't. Again, the middle class savers are thrown under the bus with basically no return on their responsible thrift and both the middle and lower classes are watching an economy that is neither productive of jobs nor products. Intra- and international wealth inequalities are at historic highs, while global climate concerns put the historic economic paradigm in check. Renewable energy and soil/forest/ecosystem regeneration are two areas in which the pendulum can gain momentum in the right direction. It's time to tell the likes of Exxon Mobile (the Goebbels of our time) where they can stick it.


#3

Halloween - perfect day to catch up with Richard Wolff and the Oct update on Global Capitalism. For any not familiar with it - Zeitgeist 3

We are not in need of another 'consumer sensitive' economist, we are in need of an economist who will HONESTLY provide a breakdown of the real meaning and praxis behind the billions of $ spend to MAKE 'consumer' AN IDENTITY.


#4

It will take considerably more than "telling them where to stick it." Many years ago during my misbegotten yuppie years, I worked, for a time, as a clerical "administrative assistant" for one of those large banks, in their "world headquarters," on the floor where their senior managers worked. I came away from it with the belief that the large banks were criminal conspiracies run by a bunch of stuffy quasi Mafiosi types who firmly believed that nothing they did could possibly be in any way wrong,

I spent years trying to tell people how crooked "financial services" institutions were, but few people believed me because of the bankers' aura of monied respectability.

Now at long last, now that I'm in my dotage, some word of bank criminality is seeping out. Will public knowledge of the bankers' crimes reach critical mess before their finagling with the money supply causes the faith based currencies -- especially the US Dollar -- to fizzle into valuelessness.


#5

"The Fed’s near-zero interest rate policy isn’t helping younger people with student loans (now over 1.3 trillion dollars), whose interest rate ranges from six to nine percent. It doesn’t help millions of pay-day loan borrowers or victims of installment loan rackets – mostly the poor – whose interest rates, rolled over, can reach over 400 percent!"

With salaries not keeping up with costs of living, many of us must use credit cards to cover the shortfall. The fact that banks pay far less than 1% interest on savings while charging 14% and more interest on credit cards is an abomination! This percentage should be illegal.

I also find it more than ironic that banks charging these usurious rates still had to turn around and demand massive bailout monies. And yet THESE institutions get to determine OUR credit-worthiness and provide us with credit scores?

Lastly, surely Mr. Nader you understand that interest rates are being kept low because the U.S. debt is up into the stratosphere and even a small increment in the interest on this gargantuan debt would take that much more money away from all the social programs that misfits like Paul Ryan are gearing up to (find cause to) cut.

THEY--which is to say the energy barons, banksters, and make-war MIC constituents--broke it; but they expect US (workers/taxpayers) to fix it. Welcome to 21st century feudalism.... replete with its own New Middle East Crusades redux.


#6

Ralph Nader, Man, you gotta love him!!!!!


#7

Money and in particular monetary policy is the means by which wealth is stolen from the commons and from the people in the way of its REAL wealth , that being all that once of the commons ( in the way of the worlds resources and natural wealth) and from the peoples labor and transferred to the one percent.

Even having higher interest rates for savers money accomplishes this as can be seen in periods where there higher interest rates.

In 1929 when there another great gap in wealth between the very rich and poor real interest rates were some 7 percent even as prices of goods had been dropping. The people did not have an income high enough to generate savings and even as the price of goods was dropping, they did not have the money to buy those cheaper goods yet there was plenty of money.


#8

Why bother mentioning the political aspect of the Federal Reserve? The whole damn thing is illegal under our Constitution. Article 1, section 8 gives the power to Congress to oversee our monetary system. The vote in Congress to give that power to the private cabal of bankers was taken late in the evening of the last day of Congress before the holiday break. It passed by a majority of the people there---there were six of seven of them--all the rest had already set off to their home state.

Discussing the Federal Reserve there is only one thing to say,
SHUT DOWN THE FEDERAL RESERVE!


#9

Say what you will but ISN"T this the control the plutocrats would use to drive our society to the impending disaster of population reduction through starvation, terror and rebellion? Just to save themselves and reduce the numbers of people hunting their heads anywhere they may be.... maybe why they spend so much trying to evolve robotic servants while Indonesia burns


#11

If Bernie Sanders is a socialist then Yellen is a fascist.


#13

We need state banks that can use the interest they get to fund the social programs that each state needs to fund Use the money to fund health care or education what have you.


#15

Too bad that my support for Nader as POTUS went for naught. Too bad that the American people are so politically brainwashed that they chose a corrupt moron, psycho over Ralph. Talk about kicking a gift horse in the mouth! But Mr. Nader did cost Gore the election :open_mouth: ! But to all you people out there that really believe that, no doubt SCOTUS threw Gore under the bus and that was not Mr. Nader's fault.

Another excellent article from Mr. Nader. The banksters and the Fed. have been screwing the American people for so long that the fact that they chose and supported a fascist, war monger, like Bush over a statesman and a man of integrity like Mr. Nader tells you all you need to know.


#17

With enormous respect I have for Ralph Nader.....
In America on this subject and so many others......
Too much talk and not enough, "street action".
Without that we will accomplish nothing.


#18

After becoming disgusted with being one of those "senior mangagers" that you mentioned, Nomi Prins became a whistleblower of sorts, writing books, etc. that echo your sentiments and clearly delineating where the bodies are buried.

The oligarchy makes sure that Prins and her ilk are permanently sidetracked. Prins' excellent books will never get ANY attention from Oprah or the New York Times, let alone make any of their lists.


#19

Normally Ralph Nader has fairly clear insights. However on this it isn't so clear. Low interest on savings accounts just means that there is a low risk free rate of return.

American savings accounts, in dollars are recognized world wide as some of the lowest risk savings available. Of course the rate of return is low. Anyone who wants higher rates of return get it with investments that have risk.

Why should we be complaining that capital, just capital by itself, does not command a significant rate of return?


#21

Thanks for the heads up - "Killing the Host"- I don't think it can be put any more succinctly and accurately than that.


#22

Seeing how Jackson was the last president to challenge the Rothschilds the oligarchs are pushing to have his portrait removed from the twenty dollar bill.


#23

As you point out the Fed cannot increase interest rates without crashing the economy. The Fed's ongoing threats to increase rates are simply a ploy to draw more buyers into the stock, bond and housing markets.

According to the US Government's General Accounting Office's (GAO) June 2011 Report 11-696, page 131, Congress had US taxpayers on the hook for $16 trillion in various bankster bailouts and guarantees. It was so depressing tracking this issue that I haven't tracked it for the past 4 years so who knows how many more trillions the taxpayers' liability is today.

Even if the Fed increases rates, savings account (including CDs) rates will never return to the levels seen prior to the 2008 crash, seeing how the FDIC had to shut down so many banks from 2008-2012 that the FDIC ran out of reserves and had to borrow money resulting in banks now paying exponentially higher FDIC insurance premiums which directly affect how much interest they can pay account holders.


#24

I don't consider either the stock market, bond market or housing market to be the economy. Let them crash and we will rebuild from the ground up. The sooner, the better. Its going to happen anyway might as well get it over with so everything isn't crashing at once.


#25

Bill Clinton and the Democratic Party, not Nader, cost Gore the 2000 election.

Clinton's serial bankster giveaways and perjury drove many swing voters away from the Democratic Party and non-corporate campaign contributions to the Party were on the wane in 2000. When the Party realized it would be easy to make Nader the fall guy, the Party elected not to demand a Florida recount and let Dubya win, thereby restoring Clinton's and the Party's popularity and increasing the Party's non-corporate campaign contributions.

A brilliant strategic move by the Democratic Party indeed !