The Fed's expansive monetary policy of bond purchases to maintain negative real interest rates continues 3.5 years into the recovery. Of course, the reason for the Fed's negative interest rates is not to boost the economy but to boost asset values on the books of "banks too big to fail."

The low interest rates raise the prices of the mortgage-backed derivatives and other assets on the banks' balance sheets at the expense of interest income for retirees on their savings accounts, money market funds, and Treasury bonds.

Despite declining job opportunities for Americans, Republicans in Congress are sponsoring bills to enlarge the number of foreigners that corporations can bring in on work visas. The large corporations claim that they cannot find enough skilled Americans. This is one of the most obvious of a constant stream of lies that we are told.

Foreign hires are not additions to the work force, but replacements. Corporations force their American employees to train the foreigners, and then the American employees are discharged. Obviously, if skilled employees were in short supply, they would not be laid off. Moreover, if the skills were in short supply, salaries would be bid up, not down, and the 36% of those who graduated in 2011 with a doctorate degree in engineering would not be unemployed.

By focusing on the bottom line at all costs, corporations are destroying the US consumer market. Offshoring jobs reduces labor costs and raises profits, but it also reduces domestic consumer income, thus reducing the domestic market for the corporation's products. Today the stock market is high not profits from expanding sales revenues, but from labor cost savings.

John Maynard Keynes made it clear long ago, as has Greece today, that trying to reduce the ratio of debt to GDP by austerity measures doesn't work.

Among the countries in the world the US is in a unique position. It not only has its own central bank to provide the money necessary to finance the government's deficit, but also the US dollar, is the world's reserve currency used to settle international accounts among all nations and, thus, always in demand.

The US has become an import-dependent economy subject to domestic inflation when the currency loses exchange value.

Corporate focus profits has disconnected US incomes from the production of the goods and services that those incomes consume, ultimately destroying the domestic consumer market. The Fed's focus on saving banks, which mindless deregulation allowed to become "too big to fail," has created a bond market bubble of negative real interest rates and a dollar bubble in which the dollar's exchange rate has not declined in keeping with the large increase in its supply. Both Corporations and the Fed have created a stock market bubble based on profits obtained the substitution of cheaper foreign labor for US labor and from banks speculating with the money that the Fed is providing to them.

This situation is unsustainable. Sooner or later something will pop these bubbles, and the consequences will be horrendous.