For this week’s monopoly round-up, as usual I’ll discuss the good and bad monopoly-related news of the week, plus what’s happening in the electi

Monopoly Round-Up: The Fed Took $3k From You and Gave it to Jamie Dimon

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2024-10-07 03:00:05

For this week’s monopoly round-up, as usual I’ll discuss the good and bad monopoly-related news of the week, plus what’s happening in the election. More smoke signals on Harris and Lina Khan, oil prices spiked, the government broke the organ transplant monopoly, White House chief of staff Jeff Zients and Sheryl Sandberg were exposed for document destruction to cover up for misdeeds at Facebook, and more.

First, though, I want to highlight a little-noticed fight over the Federal Reserve’s attempt to consolidate more financial power into the hands of large banks, and the populist regulator - Rohit Chopra - who is single-handedly holding it up. Because I think in many ways, this conflict, which is largely within the Democratic Party, illustrates the broader fight happening in America. It’s hidden, seen only in flashes, but it’s about all the money and power in the world.

We’ll start with this story on Fed Chair Jay Powell’s choice to transfer $1.1 trillion to large financial institutions over the past two and a half years when he helped raise interest rates, which is about $3000 from every single American.