Finally, a former U.S. central bank official, Andrew Huszar, spills the quantitative-easing beans:

Not to put too fine a point on it, the Federal Reserve has conjured from the monetary void an average $0.8 trillion a year during each of the last five years to:

в—Џ Cook stock market values up over 108% during the five years (all-time high yesterday)

в—Џ Bail out the 0.2% of commercial banks which own over 70% of all bank assets

в—Џ Help Federal spending exceed Federal income by an average $1.156 trillion during each of the five years.

As if that weren't enough, the Federal Reserve continues creating funny money at the rate of $85 billion more each ensuing month and is now making noise about doing so until the national unemployment rate drops possibly as low as 5.5% (which may be some time before the end of the present century).

Who does this avalanche of bogus banknotes help?

Well:

в—Џ The top 10% of families own 87.9% of all investment assets (top 1%, 50.4%)

в—Џ 0.2% of banks owning 70% of all bank assets (this speaks for itself)

в—Џ During 2012 alone, government redistributed $2 trillion from the top 40% of families to the bottom 60% percent (increasing the real average income of, for example, the bottom 20% from $9,561 before redistribution to $36,652 after redistribution).

Nevertheless, Huszar says this massive monetary expansion during the last five years has had little positive economic effect, with some experts "suggest[ing] . . . the Fed[eral Reserve] may have created and spent over $4 trillion for a total return of as little as 0.25% of GDP (i.e., a mere $40 billion bump in U.S. economic output)."

And yet, the incoming Federal Reserve Chairwoman (a committed monetary expansionist) today maintains the people should have no right even to audit what her central bank's doing to their money.

What's with this U.S. burlesque of a bad Argentine fiscal and monetary soap opera?

Just this: we're pretending to rob the rich to enable the poor to consume more than they produce while all the time we're really enriching the rich so that when the investment bubbles burst, the inflation tax kicks in, and the dollar tanks, the rich will still be rich but the poor will be even more poor and the middle class will be the newly poor -- and, in the course of doing so, irrationalizing the economy.

Shades of Juan and Eva PerГіn on the balcony of the Casa Rosada.

Wasn't Che Guevara an Argentine?

Well, meanwhile, onward and upward with Cubanizing U.S. healthcare.

Huszar may be sorry now, but we'll be a lot sorrier later.