Phoenix Capital Research points out at Zero Hedge that the new nominee to head the Federal Reserve, Janet Yellen is yet another academic with no banking or business experience whatsoever! The same was true with her predeccessors, Greenspan and Bernanke. The results speak for themselves:
1) Three stock market bubbles
2) A US Dollar that has fallen 20% in value against a basket of global currencies
3) Falling real incomes
4) Higher costs of living
5) An unprecedented outsourcing of wealth from the US to OPEC, Wall Street, and China.
6) The US receiving its first credit downgrade.
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