printSo as to get rid of the public debt, our government, via the Fed (which is an arm of the state), is debauching the dollar and all private savings.
In the name of “economic recovery,” wouldn’t you know it, Ben Bernanke is set to “swap some securities for others.” Or, to belabor the “maturity-extension program” baffle-gab,
In the course of expanding what is known as “Operation Twist,” The man who directs the Federal Reserve wrecking ball claimed he “stands ready to take further action to put unemployed Americans back to work.” [Bloomberg.]
The last bit (my bold) is no joke, and assumes that inflating the money supply and endless liquidity alleviate joblessness. It’s the exact opposite.
What does this mean in the grand scheme of “ultra-loose monetary policy”? You can take this to the bank: Ben will continue to afflict us with ever easier money and lower interest rates, quadruple the money supply and hastened the collapse of the dollar.
As Peter Schiff prognosticated, “The reason I knew QE3 was coming [was] because I knew QE2 wouldn’t work and that’s why QE4 is gonna follow QE3—it never works, it just makes the economy sicker, it’s the reason we’re so screwed up.”
$7.77 Trillion: That’s the amount of money the central bank, chaired by Ben S. Bernanke, “parceled out” during “the bailout to America’s “Big Six,” ostensibly, to rescue the financial system. This according to “Fed documents obtained under the Freedom of Information Act” by “Bloomberg LP, the parent of Bloomberg News.”
Inflating America’s fascistic banking system has cost “more than half the value of everything produced in the U.S. that year.”
It “lasted from August 2007 through April 2010.” Officially.
But we all know Ben’s bacchanalia continues.
The solutions offered by our economic gurus to our fiscal woes remind me of an alcohol soaked gent I once encountered. His car wouldn’t start so his plan was to take out the third spark plug and spit on it. It made sense to him. I believe he could run the Federal Reserve as well as the clowns doing so at the moment.
I am contemplating the purchase of a wheelbarrow…..
http://mises.org/daily/6068/When-Anticipation-Makes-Things-Worse
http://mises.org/daily/3715/Free-Economy-and-Social-Order
http://mises.org/daily/6076/Of-Krugman-and-Diocletian
It is not a new story, but it may be the most important one in our lives. Without means, how does one survive? Relocate? Avoid the abyss of crushing poverty? Restart a business or start a new one? Sustain and educate a family?
In all sincerity I ask: How does one protect his wealth from government confiscation? I believe my grandparents had to surrender their gold Francs to FDR’s collectors. What do you advise for that potentiality?
I’ll be looking for a wheelbarrow this weekend. Will you?
I am not yet certain whether such as “putting unemployed Americans back to work” and “doing it for the children” are now merely incantations of the primitively stupid or the maledictions of Gnostic cultists. Not that it matters much; as has been noted previously – we are doomed.
James: He would do better, he’s got spit.
Dennis, I bought two construction grade wheelbarrows with no flat tires a couple of years ago. Can rent you one for a few months until QE4.
Perhaps U.S. Policy-makers should take a lesson from this Austrian Economist…
http://mises.org/daily/6069/An-Austrian-Defense-of-the-Euro
ps Robert, Thanks for the offer, but I made arrangements with my buddy who has a Half-Ton Pick-Up truck – I’m feeling that George’s DOOMED notation may be the
appropriate outlook. 😉
pps Suggest you either print or download the article.