I am completely disgusted with our federal government and the Federal Reserve. After watching Bernanke’s press conference yesterday really have to ask myself “Is the government and the Fed trying to kill the dollar?”
If Bernanke & The Fed were serious about curbing inflation, he would raise the interest rates above 5% immediately without hesitation. From the press conference, they (The Fed) believes they will be able to raise interest rates at the 1st sign of inflation to stop it. I know they aren’t idiots at The Fed, so I’m quite positive they also see that raising rates at the last minute won’t work.
The reason it won’t work is this… Inflation is happening right now. Food and oil inflation that we are seeing right now is not “transitory” as Bernanke said. Food and oil prices aren’t going to magically go down. Silver and gold prices aren’t going to magically drop back to $2 & $200 an ounce respectively without a major economical influence. Foreign economies are distancing themselves from the dollar, so that’s leaves to question “What major economical influence can be done for the U.S. Economy to turn it around?”
The biggest influence The Fed had on our economy and inflation was the Fed’s rate which has been near 0 for about 28 months now. The 2 rounds of quantitative easing (or printing money to give to the banks in hopes banks will lend more) did NOTHING for our economy except, put a lot of cash into big bankers pockets and caused inflation.
When an outside force acts upon a free market… The market is no longer free. Our country’s economic backbone has always been the free market and since the introduction of the Fed, it’s been manipulated and controlled. Bernanke admits the Fed was a primary contributor to the length Great Depression.
The Press Sucks
The reporters in the press conference Bernanke gave yesterday didn’t ask any questions… Not real ones anyway. I have 3 questions I would have loved to see been asked.
- “What makes you think you have the right to exist as a private organization that acts as a central entity planning the entire financial market?”
- “Can you show any proof that QE1 and QE2 worked?”
- “Can you site any references in history that show a controlled/ planned market trumped a free market in prosperity?”
Nothing close to these questions were asked…
The Fed backed by the U.S. Government is stealing wealth from all of us ordinary tax payers.
In July of 1971, silver traded for $1.57 an ounce as of right now silver is trading at $48.48 an ounce.
Did silver become more valuable?
Yes, against the dollar it has. That’s because the worst U.S. President in history (Richard Nixon) took us off of the gold standard on August 15th 1971.
In the past 40+ years the U.S. has seen extraordinary inflation… Nothing transitory about it. This is an issue that no-one on Capitol Hill is or has addressed. What we’ve seen over the past 40+ years is a MASSIVE expansion of government and corporate interests tied to the government.
What happened to people paying their own way? When did we get to the point as a country that we the people need so much help and support from the government? When did corporate profits start outweighing the will of the people?
Disconnect
Our entire Legislative and Executive branches of the government are completely out of touch with what’s going on with the rest of the nation.
How can a person who has served in congress for 20 years (who makes a $174K per year) understand what it’s like to be a regular person living in the U.S.
They can’t…
Democrat… Republican… It doesn’t matter. They all need to go. The Republican party isn’t following traditional party beliefs, it should be called the Conservative Democratic Party… The Democratic party should be called the Democratic Socialist Movement.
I don’t believe our deficit should be raised… And I’m not a Tea Partier…
The U.S. media outlets try to make people who believe in not raising the federal deficit as “crazy” and “playing to the Tea Party.”
Really??? Not wanting our country to be in debt is a bad thing???
Governement spending is OUT OF CONTROL…
Our spineless dictator… errr…. president is nothing more than a puppet for corporate interest. At least with the oil war in Iraq, Bush made up “weapons of mass destruction;” opposed to Obama’s unprovoked oil war in Libya and him just doing it.
Wall Street, The Civilian Military Complex and schools of higher education were Obama’s biggest supporters in his 08 presidential bid. Here are some of the top contributors to Obama’s campaign
| University of California | $1,591,395 |
| Goldman Sachs | $994,795 |
| Harvard University | $854,747 |
| Microsoft Corp | $833,617 |
| Google Inc | $803,436 |
| Citigroup Inc | $701,290 |
| JPMorgan Chase & Co | $695,132 |
| Time Warner | $590,084 |
| Sidley Austin LLP | $588,598 |
| Stanford University | $586,557 |
| National Amusements Inc | $551,683 |
| UBS AG | $543,219 |
| Wilmerhale Llp | $542,618 |
| Skadden, Arps et al | $530,839 |
| IBM Corp | $528,822 |
| Columbia University | $528,302 |
| Morgan Stanley | $514,881 |
| General Electric | $499,130 |
| US Government | $494,820 |
| Latham & Watkins | $493,835 |
The war machines gave him a lot of cash. No wonder Obama re-negged on his promises to bring the troops home and end the wars in the mid-east. They obiously supported him so much, he had to give them another war (Libya).
Above is a small list of the top contributors for just the presidential campaign. There are 535 members of Congress. Every one of them gets campaign contributions. Campaign contributions from organizations run into the hundreds of millions of dollars.
When organizations give you hundreds of thousands or millions of dollars, you owe them something.
What to do?
I’m for firing all of our government employees and starting over. That’s completely implausible, but it sounds good.
In all seriousness… big corporations run our country… There may be a few freshmen in Congress and maybe 2-3 tenured Congressmen/ women who haven’t been distorted by greed and corruption. But I feel the majority outweighs the minority on this issue 100 fold.
The 1st step into stopping the corruption is to institute a law that only allows for private individuals to donate to election campaigns. The 2nd step would be to end the Federal Reserve Bank and place our dollar back on the gold standard. If those 2 things would happen right now, I believe our country may have a fighting chance to get out of the hole it’s in.
Unfortunately our Senators and Congressmen are fat and out of touch with the American people and I don’t think it’ll happen…
Anyone who has studied Roman history should be able to see some very scary similarities to the last years of the Roman empire and our current government.
Doom & Gloom
I hate to be all doom & gloom… But I whole-heartily believe our dollar is going to crash. I think we will see inflation over the next 2 years that will make the last 40 years of inflation look like nothing.
I believe we will see a massive economic shock by July 2011 come to the entire world economy because our Congress won’t be able to balance the budget; then the Fed will raise interest rates (because it’ll have to, to try to curb inflation); then the U.S. will default on it’s debt & domestic financial obligations and we’ll see complete chaos break out.
Facts
As of right now, our government has approximately $113.5 Trillion of unfunded liabilities… $14 Trillion of debt and a $1.2 Trillion annual deficit… Shame on our Government.
The Federal Reserve through QE1, QE2 and their policies have flooded the world with dollars, making them less valuable.
The majority of the G20 want another reserve currency and they are looking to the Chinese Yuan as a possible 2nd world reserve currency (which if implemented would instantly kill the dollar.)
A 3 year old retarded crack baby could see our economy and our dollar are on very thin ice.
