What is not mentioned is that the Fed's printing of money IS a tax that is applied to every single dollar. The resulting cash horde was then used to purchase bonds, thereby "injecting liquidity" into the financial system.
Aka banks suddenly had cash to buy stocks, so they bought a lot of stocks.
End result is the Fed's everybody tax wound up actually taxing poor people. A "poor" tax. The wealthy wound up with this money in scads.
So... what Paul fails to mention is that his stock portfolio likely nearly doubled over the past 3 months. Using his math it will take 60 years to return to where it was 4 months ago.
This is why we need a wealth tax. Admittedly it's a bit like swallowing the cat to catch the bird...
Aka banks suddenly had cash to buy stocks, so they bought a lot of stocks.
End result is the Fed's everybody tax wound up actually taxing poor people. A "poor" tax. The wealthy wound up with this money in scads.
So... what Paul fails to mention is that his stock portfolio likely nearly doubled over the past 3 months. Using his math it will take 60 years to return to where it was 4 months ago.
This is why we need a wealth tax. Admittedly it's a bit like swallowing the cat to catch the bird...