It appears that even economists are now being replaced by machines. At least it seems that way given a recent paint-by-numbers attack from the New York Times on James Grant's new book The Forgotten Depression .
Many poverty relief laws and policies are premised on the assumption that only "the rich" will bear the costs. In fact, the incomes and well-being of many low-income individuals are taxed and diminished to benefit a nebulous group known as "the poor."
The Fed — and many economists everywhere — believe that giving more people jobs will drive more economic growth. But more employment is useless for economic growth if employed persons are not contributing to real wealth and capital accumulation.
The European Central Bank is ramping up its easy-money policies in an effort to spur inflation, which it hopes will improve the economy. The wealthy and powerful will benefit from this, but most everyone else is in big trouble.