This is the key line:
“Fed steals pieces of wealth from savers and workers as it devalues the dollar for the Fed’s own benefit”
The question is how long can it continue? Seniors in particular are bearing the brunt of it.
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Actually it devalues the dollar so that the government can spend whatever it deems necessary to spend. Fed chairmen never say “no” to the Federal government anymore. At least Volker (in his day) sent a signal that he would not rubber stamp Washington’s spending habits (at least in the short term) and that the money supply would be tightened up.
Nowadays it’s just buy up all the excess debt that the Treasury dept. wants to issue.