Federal Reserve's too low interest rates take money from savers and pensioners and give it to the bankers

Bill Gross knows instinctively what we have been saying a this blog for a long time.  Interest rates are too low and unhealthy. Real interest rates are negative.  It is tantamount to theft by the Federal Reserve and taking money from the saints and giving it to the sinners (banks and borrowers).  Via Pimco:
To rebalance debt loads and re-equitize financial institutions that should have known better, central banks and policymakers are taking money from one class of asset holders and giving it to another. A low or negative real interest rate for an “extended period of time” is the most devilish of all policy tools. And the asset class holder that it affects, or better yet, “infects,” is the small saver and institutions such as insurance companies and pension funds that hold long-term fixed income assets. It is anyone who holds bonds with coupons that cannot keep up with inflation or the depositor in a local bank who cumulatively holds trillions of dollars in time deposits that don’t earn a real rate of interest. This is the framework that has been created by modern-day policymakers who have innovated far beyond their biblical counterparts. To put it bluntly, they are robbing savers and taking money surreptitiously from longer-term asset holders who are incorrectly measuring future inflation.

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