Ralph Nader Slams The Federal Reserve In Open Letter to Janet Yellen. Zero Percent Interest Has Destroyed Savers.

Ralph Nader has an open letter to Janet Yellen:

We are a group of humble savers in traditional bank savings and money market accounts who are frustrated because, like millions of other Americans over the past six years, we are getting near zero interest. We want to know why the Federal Reserve, funded and heavily run by the banks, is keeping interest rates so low that we receive virtually no income for our hard-earned savings while the Fed lets the big banks borrow money for virtually no interest. It doesn't seem fair to put the burden of your Federal Reserve's monetary policies on the backs of those Americans who are the least positioned to demand fair play.

We follow the reporting on your tediously over-dramatic indecision as to when interest rates will be raised - and no one thinks that when you do, it will be any more than one quarter of one percent. We hear the Federal Reserve's Board of Governors and the various regional board presidents regularly present their views of the proper inflation and unemployment rate, and on stock market expectations that influence their calculations for keeping interest rates near-zero. But we never hear any mention of us - the savers of trillions of dollars who have been forced to make do with having the banks and mutual funds essentially provide a lock-box for our money while they use it to make a profit for their firms and, in the case of the giant banks and large mutual funds, pay their executives exorbitant salaries..

We are tired of this melodrama that exploits so many people who used to rely on interest income to pay some of their essential bills. Think about the elderly among us who need to supplement their social security checks every month.

You'll want to read the entire letter. After all, in a free market in money: zero percent interest doesn't exist. Via Lew Rockwell.