Former U.S. budget director David Stockman's latest commentary explains how the Federal Reserve's interest-rate policy is redistributing hundreds of billions of dollars from ordinary savers and investors to foreign banks. This has to be a big reason why the countries in which those banks are domiciled decline to complain about U.S. dollar imperialism.
Stockman's commentary is headlined "Why The Fed's Outrageous Gift To Foreign Banks -- Risk-Free Aribitrage -- Is Just the Tip of the Iceberg" and it's posted at his Internet site here:
http://davidstockmanscontracorner.com/why-the...s-gift-to-fo...
