NEW YORK ( TheStreet) - Yes, you are the fall guy.

I should qualify the statement: if you are a homeowner, a taxpayer, a retiree, or someone with any savings, investments or dollar-denominated assets, you are the fall guy.

What are you taking the fall for? Simple. You're already on the hook for bad mortgages on the books of banks like JP Morgan ( JPM), Bank of America ( BAC), and you've already backstopped General Motors ( GM) and Chrysler.

"But Kevin, I didn't bail out those companies - the Government did."

Well, Mr. Fall Guy, you know as well as I do that the Government doesn't have any savings, so the money and resources that it has given and promised to give insolvent corporations didn't come from some secret government rainy-day fund.

In fact, the federal government has the opposite of savings. The federal government has debt, and that debt is nothing but a call on your current and future dollars.

The government only has the ability to fund future bailouts, bank insolvency, and Treasury interest payments by transferring wealth from homeowners and taxpayers.

The most obvious wealth transfer is called income taxation. We all know it, hate it and see it every paycheck.

Another really obvious transfer of wealth is to let bankrupt institutions fail, let the chips fall where they may and let depositors, creditors and bond-holders take the hit.

But there are a variety of much more subtle techniques that effectively have the same impact as taxation -- but are much less obvious.

Perhaps the most devious technique is one you probably know about but haven't given a second thought to. It's so ingrained in our system, so hidden in plain sight that at first glance it seems normal, justifiable and familiar.

I called it yield-curve manipulation. And simply put, it's when central bankers manipulate the interest rate yield to benefit banks. The Federal Reserve does so by buying short-term Treasuries which makes short term debt extremely cheap for banks (and only banks) that have sole access to the Fed's cheapest rates at the discount window.

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