>>> Ellen Frank <frank at emmanuel.edu> 08/04/99 10:31AM >>>Negative
real interest rates redistribute wealth from lenders to
borrowers. The Fed knows this. The Fed represents
borrowers. Ergo, the Fed hates inflation.
(((((((((((((((
Charles: If negative real interest rates redistribute wealth from lenders to borrowers, and inflation causes negative real interest rates, and the Fed hates inflation, doesn't that imply the Fed represents lenders, not borrowers ?
The Fed is the agent of the financial oligarchy, the creditor class. It raises interest rates , because interest rates are the price of money, the way the creditors/financial class makes its profits, no ?
Charles Brown