“Probably Impossible to Avoid” Redistribution

From the “pissed off, disillusioned, ex-Wall Street,  independent, intentionally-unnamed, now permanently ex-pat bloggers” who offer up fare at the NotQuant blog comes the image below, prompted by a paper(.pdf) from the Philadelphia Federal Reserve about the supposedly unintended consequences of monetary policy.

Interestingly (but not surprisingly, given the dismal set’s detachment from the real world in cases such as this), economist Makoto Nakjima doesn’t even question whether this particular unintended consequence is really unintended, stating unequivocally:

Monetary policy currently implemented by the Federal Reserve and other major central banks is not intended to benefit one segment of the population at the expense of another by redistributing income and wealth. Any decisions regarding redistribution are considered to be the province of fiscal policy…

Yeah, right.