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The reverse Robin Hood [Commentary]
The reverse Robin Hood [Commentary]

The Federal Reserve, the nation's central bank, was established by Congress to regulate the money supply — that is, the value of the dollar, credit and interest rates. And for years now, it has undertaken extraordinary and unprecedented actions to lift the economy out of the Great Recession and to boost recovery. Recent efforts have included keeping the key short-term interest rate at zero and engaging in "quantitative easing," an aggressive program of buying bonds and mortgage-backed securities and thereby pumping trillions of dollars in liquidity into the financial markets. By digitally increasing the size of its balance sheet on the debit side, the Fed is, in...