Michael Hudson: QE3 – Another Fed Giveaway to the Banks

Michael Hudson: QE3 – Another Fed Giveaway to the Banks

In this Real News Network interview, Michael Hudson gives a high level discussion of why the Fed’s claim that QE3 will help employment needs to be taken with a fistful of salt. Hudson highlights an issue that warrants more attention: that the Fed’s action, at this juncture, is clearly political, when the Fed continues to make the empty claim that it is “independent” meaning apolitical. Hogwash. The Fed quit being apolitical under Greenspan, as former Fed economist Richard Alford pointed out in 2008:

Read more at http://www.nakedcapitalism.com/2012/09/michael-hudson-qe3-another-fed-giveaway-to-the-banks.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29#5JZfZpUXISmGXreA.99