When Asked if the U.S. is a Capitalist Democracy or Oligarchy, Janet Yellen Can’t Answer…

During yesterday’s Senate hearings, Janet Yellen was asked by Senator Bernie Sanders if the U.S. was a capitalist democracy or has morphed into an oligarchy. While readers of this site already know the answer to this question, which was recently proved empirically by a Princeton and Northwestern academic study, it was still stunning to note her unwillingness to answer the question.

I will give her some credit for not flat out lying about it. She inherently understands that the U.S. is a corrupt, shameful oligarchy, but as head of the institution most responsible for this transformation she simply cannot tell the truth. It is incredible that things have fallen so far that a U.S. Senator felt compelled to ask such a question, and even worse that such a powerful official couldn’t vehemently and decisively deny the claim.

Where I take exception with Sanders, is that he appears to live under some strange sort of hypnosis that makes him think only Republican oligarchs are problematic. Of course no sane person should draw any serious distinction between establishment Democrats or Republicans. Furthermore, he also makes the mistake of focusing on the 1%, when the real problem resides in a far smaller  0.01%, which I described in my post: Where Does the Real Problem Reside? Two Charts Showing the 0.01% vs. the 1%.

See for yourself:

In Liberty,
Michael Krieger

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  1. Yeah, it seems a lot of people seem to focus on the “conservative” oligarchs. Even ignoring the evidence that oligarchs come branded in many different ways, it is seems common sense that if only one side was forming huge symbiotic relationships with cronies, that side would be crushing other in elections.

  2. Great article! Please keep putting the word out for those of us with eyes to see and ears to hear. Intellectually speaking this Complete farce of a political system has reached the point that lying is no longer sufficient to cover the previous lies.Complication,complexity and confusion adorn the false statements now. Apathy,Ignorance and Normalcy Bias are the tools they rely on to box us in. It is working all to well,unfortunately. Most people are to busy with day to day life to be able to “pay attention” to our plight or understand the depth of the deception! It is going to be a very rude wake-up for the Constitutional Majority.

  3. NY Fed Joins War On Whistleblowers To Shield Goldman Sachs From Its Own Examiner

    And this sort of egregious behaviour from a ‘regulator.’ They argue out of both sides of their mouths whether Goldman is a ‘bank’ or not, in order to get what they want for… Goldman.

    The Fed is not a government agency, but a privately owned creature of the very Banks whom it is charged to regulate and restrain.

    And as we have seen, over and over again, the Fed is not part of the solution, but has become very much a part of the problem in distorting the banking system in favour of a few powerful financial interests.

    A Mangled Case of Justice on Wall Street
    By Pam Martens
    May 8, 2014

    If this Federal Court allowed a regulator to twist a Federal whistleblower law inside out and upside down, it would be sending a chilling message to every other bank examiner in America: keep your mouth shut or you too can be fired with impunity.

    http://jessescrossroadscafe.blogspot.com/2014/05/ny-fed-joins-war-on-whistleblowers-to.html

  4. What happened to the REPUBLIC?

  5. Whether he is a ‘colorblind’ Democrat or not, the question in itself is unfair of Yellen to ask. Not that I’d sympathize with her in the least, but that is not a question the chairwoman of a central bank needs to be able to answer. Equally she wouldn’t be able to answer whether electric cars are good for the power grid or not.

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