Former Fed President: All My Very Rich Friends Are Holding A Lot Of Cash False. They are holding commodities that cannot be diminished by the Fed’s printing presses.
Former Fed President: All My Very Rich Friends Are Holding A Lot Of Cash False. They are holding commodities that cannot be diminished by the Fed’s printing presses.
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If they're very rich and they're holding cash, it's likely from another country, maybe China. If they're smart, they're holding gold and silver.
One of our problems is that too many government officials have rich friends.
Technically speaking, The Fed isn't a government institution but your point stands. Call it an oligarchy, call it crony capitalism but it went off the rails awhile ago thanks in large part to career politicians with their hands in too many pockets.