As the Dow Jones industrial average nears its all-time high, those who are rich need to take a moment to praise the Democratic party and its supporters. It is advantageous to have clever advocates, and who can be a better advocate for millionaires than those who claim that they dislike them?
The elite Democrats of academia, those who advocate taxes out of one side of their mouths and monetary expansion out of the other, are the millionaire's best friend. The Republicans aren't because they claim to favor the wealthy and those who work, and the public and many of the wealthy have yet to understand that the wealthy are not so because they work; they are wealthy because they own.
When Janet Yellen and the Fed reduce interest rates, the value of assets is increased, and the rich become richer. What else can matter to the wealthy? Do gay rights, global warming, great causes, gross income inequality, or a stagnant real wage matter?
All are distractions to the one issue that matters, the one issue about which the news will ever remain silent: the expansion of the money supply, the reduction of interest rates, the inflation of asset values, the suppression of real wages, and the increment to the portfolio.
On behalf of the world's millionaires, I thank Paul Krugman; I praise Janet Yellen; I sing hallelujah to Barack Obama.
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