Obama Instituted the ‘Greatest Transfer of Wealth in History’ to the 1%

obama-transfer-wealth

By Justin GardnerThe Free Thought Project

If the presidency of Barack Obama teaches us anything, it should be that presidents are nothing but tools of the elite to concentrate wealth and power. It should teach us that the words Democrat and Republican are absolutely meaningless.

Columnist and editor for the NY Post, Michael Gray has a phrase to describe the time period of 2008 through 2015—The Great Fleecing. It was the continuation of a great game that has played out since the rise of consumerism, a collusion of corporations and government that has squeezed the Middle Class for everything it was worth.

The vast majority toils through cycles of boom and bust, while the 1% steadily reaps the benefits of a shadow economy that siphons wealth upward. The Great Recession never hurt the elite, and the supposed recovery never helped the rest of us.

“During [The Great Fleecing], the greatest transfer of wealth in the history of the world occurred. Some $4.5 trillion was given to Wall Street banks through its Quantitative Easing program, with the American people picking up the IOU.”

Instead of all that money going into real, tangible things like desperately needed infrastructure improvements, those trillions were sequestered in a crony system of banks and Wall St. investors, overseen by a cartel called the Federal Reserve.

It’s not difficult to believe that the Great Recession didn’t just happen by coincidence at the end of one president’s term when everyone was distracted by phony political debates. It would follow that the next president picked right up on the game.

After the 2008 election, Obamacare became the next massive distraction, keeping everyone in a state of phony debate while the Fed was doling out trillions to Wall St. banks and putting American taxpayers on the hook. And it just so happened that Obamacare became a windfall for another power player in the corporatocracy—the health insurance industry.

As Gray points out,

“the Obama administration is the first two-term presidency that has not posted a 3% GDP growth on an annualized basis for 8 years. Even Franklin Delano Roosevelt posted 3% growth year during the Great Depression.”

Jobs, wages, and the GDP took a back seat to the “too big to fail” Wall St. banks, because they couldn’t trust the plebes with all that money for fear of inflation. As a result, the various schemes these banks engaged in with the free money—including mortgage-backed securities, company mergers, company debt offerings, stock buybacks—did nothing but secure that wealth for the 1%.

“These actions are the reasons the American middle class has been decimated and no longer makes up the majority of the population…

The middle class has seen the wholesale export of good-paying jobs, while on the hook for crushing mortgages and higher taxes to pay down the growing US debt to fund the banks.”

The gap between rich and poor has widened more under Obama than under any other president.

Also, more than 50% of the populations in all U.S. counties are on some kind of government assistance. Meanwhile, Wall St. had a 7-year bonanza.

Now the bill is coming due for the American people, at the end of another presidency, as the nation will be distracted by another phony political debate. As the Fed winds down its injection of money manufactured on the backs of the working middle class, our retirement accounts will again bear the brunt of the fallout. The stock market appears poised for a freefall.

Indeed, $2.3 trillion has already been destroyed since the high last year, and $1.5 trillion in net wealth has vanished.

What will be the next trick up the sleeve of the banking cartel to fleece the sheep while maintaining the appearance of order? The fact is that they may not have one. As the Free Thought Project reported last week, even the mega banks are predicting a ‘cataclysmic’ collapse. 

As the next president is being chosen to serve the desires of the 1%, they may be underestimating the power of alternative media and the age of instant information. Only by exposing the Great Fleecing can we break from its grip into a new era.
This article first appeared at The Free Thought Project: Obama Instituted the ‘Greatest Transfer of Wealth in History’ to the 1%

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