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Comment by stickyricky | Hacker News Reader

It does not imply "wealth inequality is the result of federal policies". It implies that the current transfer of wealth is a result of federal policy.

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Well, considering how the comment literally says "Wealth inequality and social unrest in America is DIRECTLY related to corrupt and/or incompetent (you choose) Fed policies," you'll forgive me for disagreeing.

Federal != Fed, the reserve bank. Close, but not identical.

You are arguing a minor, irrelevant, and largely incorrect point of semantics.

> Who owns the Federal Reserve?

> The Federal Reserve System is not "owned" by anyone. The Federal Reserve was created in 1913 by the Federal Reserve Act to serve as the nation's central bank. The Board of Governors in Washington, D.C., is an agency of the federal government and reports to and is directly accountable to the Congress.

(emphasis added)

https://www.federalreserve.gov/faqs/about_14986.htm

You are the only one in the thread who doesn’t appear to understand it.

What is difficult to understand about "the board of governors is directly accountable to Congress?"

All they do is regulate the flow of new money, they aren't responsible for tax codes that ensure a widening gap of wealth via the return on capital vs the return on labor.

https://en.wikipedia.org/wiki/Capital_in_the_Twenty-First_Ce...

They affect the inflation rate and inflation should be thought of as a tax. And its a tax that primarily affects middle class people that keep their wealth in cash rather than assets.

They also implicitly affect asset prices which is probably one of the primary causes of wealth inequality.

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