The Anti-Robin Hood? Fed Robbing Poor to Pay Rich

Posted: 9/19/2013 4:13:26 EDT
            

The Federal Reserve isn't just inflating markets but is shifting a massive amount of wealth from the middle class and poor to the rich, according to billionaire hedge fund manager Stanley Druckenmiller.

In an interview on "Squawk Box," the founder of Duquesne Capital said the Fed's policy of quantitative easing was inflating stocks and other assets held by wealthy investors like himself. But the price of making the rich richer will be paid by future generations.

"This is fantastic for every rich person," he said Thursday, a day after the Fed's stunning decision to delay tightening its monetary policy. "This is the biggest redistribution of wealth from the middle class and the poor to the rich ever."

"Who owns assets—the rich, the billionaires. You think Warren Buffett hates this stuff? You think I hate this stuff? I had a very good day yesterday."

Faber: We Are in 'QE Unlimited'

Gloom, Boom & Doom Report Editor Marc Faber speaks with Bloomberg Television on the Federal Reserve deciding not to taper. As is usually the case with Faber, he pulled no punches in his fierce criticism of the Fed's monetary policy.

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