Final Word from Tuesday, June 8, 2021

By printing trillions of new dollars, euros, crowns and other currencies, and by keeping interest rates artificially low, central bankers have engineered the biggest wealth transfer in the history of the human race. Free or almost-free money has turned the super rich into the phenomenally rich. Russian-like oligarchs have risen to the top everywhere in the West. Central bankers are proud of their work. With covid, though, governments have started cranking the printing presses more themselves and are producing huge budget deficits as a way to keep the downtrodden masses at bay. Central bankers are outraged. Vojtěch Benda of the CNB told Ekonom that the CR simply cannot be as loose with its budgetary policies as the U.S. is. Ex-CNB Vice Gov. Mojmír Hampl, who cast the deciding vote in the Great Devaluation of 2013, told ČT last night that the Czech political elite have lost their sense of proportion. Well, yes, they learned how to think like the bankers at the CNB, ECB and Fed. [ Czech Republic National Bank European Central Bank Federal Reserve United States of America VDČK ]