Our new tax collector

Fed's Daly Vows To Make The Uber-Rich Even Richer To Avoid "Millions Of Job Losses"

In the most dramatic admission yet that the Fed is aware that it is directly responsible for the record wealth gap tearing apart US society even as it virtue signals each and every day about reducing income and race inequality and blames racism for its own catastrophic flaws, San Francisco Fed President Mary Daly, the first openly gay Fed president, acknowledged that the uneven distribution of assets in the U.S. means that when monetary policy action to support economic growth also boosts financial markets, and impacts wealth inequality. Even so, she said the Fed should still act.

"I am not willing to trade millions of jobs for people who need a ladder rung up in order to keep the stock market from going up for a few who have those holdings," Daly said while answering questions following a speech on - what else - racial inequality at a virtual event Tuesday hosted by the University of California, Irvine.

She will hunt down and tax any regulated bank that attempts to loan money, insuring that Treasury get their one percent tax.  But it is not enough, in a few years when will be back looking for a two percent tax on collateral. The rebellion will continue.

This is mostly about tax dodgers ditching the bank system:

Stocks drop further as hopes of stimulus before election dim

Foreign bond holds and regulatory banks are the only taxable entities on the horizon. The foreign investors have an insurance payment to meet. Domestic accounts are increasingly attracted to shadow banks and market accounts on line.  The Fed is running out of poor people's money.