60 Minutes of Garbage
Our Federal Reserve Chairman Ben Bernanke gave an interview this past Sunday on 60 minutes. He spoke candidly about the reasons our country now faces trouble today. He said that it was the recent deficit spending, high speculation, and lack of a production base in our economy that has caused a global imbalance. (Meaning we produce nothing and are broke, and the rest of the world produces and accumulates our debt.
I just heard a speech given by president Obama this morning, and it was refreshing to hear him say the same thing! He said that the trouble we face today was caused by the previous years of speculation and easy money.
That's fantastic, they understand the problem. They both understand why we got here. After drawing this conclusion, the new plan by both these men that has been laid out before us to get us back in good health is as follows:
-Massive, enormous, and unprecedented deficit spending
-0% interest rates focused on enticing banks to lend on highly speculative loans
-Massive liquidity injections into all areas of the economy
-Stimulating consumer spending with no focus on production
IS ANYONE OUT THERE PAYING ATTENTION????? DOES THIS SEEM WEIRD TO ANYONE ELSE??????
I feel like I'm living in a bizarro world.
They just told us how we got into the mess. They are now saying that to fix the mess, they are going to do the same exact thing that got us here, only increase the dosage 10,000% across the board.
Both Obama and Bernanke have brushed off concerns over the future value of US treasury bonds. We hear how they are the safe haven of the world and that the appetite for them is still strong around the world.
It reminds me of press conferences that Bernanke and George Bush used to give in January and February of 2007 when asked about subprime mortgages. We heard continuously about how any subprime problems would be contained and any threat to the overall economy was of no concern.
Recent estimates project that a very best case scenario would show the rest of the world buying $600 billion of US debt this year. With a total budget deficit for this year alone projected to be between $2 and $3 trillion, who is going to buy the rest of the treasury debt?
Bernanke is. He told us this as well on 60 minutes. What a fine chap. Where will he get the money to purchase $2.4 trillion in treasuries? He will print it.
And thus we have the final endgame. Bernanke has already begun the process of purchasing trillions and trillions of dollars worth of mortgages, credit cards, student loans, business loans, money market accounts, and auto loans. He now will complete his masterpiece with the purchase of Obama's American dream. Trillions, trillions, and trillions.
The final outcome will be horrific. We live in la la land now where no one asks what trillions and trillions and trillions printed does to an economy. When the hyperinflation sets in and the panic takes hold, suddenly it will all become real and the only question is how scary it will get.
The stock market collapsed in a two month span during October and November last year taking away any hope of most of the people in this country ever retiring. They have been pretty calm about that so far. I wonder what would happen if their currency collapsed in a two month span and most people were unable to afford food, gasoline, and shelter. We'd truly get to find out how much we all love each other at that point.
I spent all last year writing, and writing, and writing about the problems in the banking system, the trouble coming ahead, and what it meant for the economy. A few of my friends and family headed those warnings, protected themselves, and were out of harms way when everything collapsed in October. Many of those people are now protecting themselves against the coming currency collapse, and I can only hope others will do the same.
I just heard a speech given by president Obama this morning, and it was refreshing to hear him say the same thing! He said that the trouble we face today was caused by the previous years of speculation and easy money.
That's fantastic, they understand the problem. They both understand why we got here. After drawing this conclusion, the new plan by both these men that has been laid out before us to get us back in good health is as follows:
-Massive, enormous, and unprecedented deficit spending
-0% interest rates focused on enticing banks to lend on highly speculative loans
-Massive liquidity injections into all areas of the economy
-Stimulating consumer spending with no focus on production
IS ANYONE OUT THERE PAYING ATTENTION????? DOES THIS SEEM WEIRD TO ANYONE ELSE??????
I feel like I'm living in a bizarro world.
They just told us how we got into the mess. They are now saying that to fix the mess, they are going to do the same exact thing that got us here, only increase the dosage 10,000% across the board.
Both Obama and Bernanke have brushed off concerns over the future value of US treasury bonds. We hear how they are the safe haven of the world and that the appetite for them is still strong around the world.
It reminds me of press conferences that Bernanke and George Bush used to give in January and February of 2007 when asked about subprime mortgages. We heard continuously about how any subprime problems would be contained and any threat to the overall economy was of no concern.
Recent estimates project that a very best case scenario would show the rest of the world buying $600 billion of US debt this year. With a total budget deficit for this year alone projected to be between $2 and $3 trillion, who is going to buy the rest of the treasury debt?
Bernanke is. He told us this as well on 60 minutes. What a fine chap. Where will he get the money to purchase $2.4 trillion in treasuries? He will print it.
And thus we have the final endgame. Bernanke has already begun the process of purchasing trillions and trillions of dollars worth of mortgages, credit cards, student loans, business loans, money market accounts, and auto loans. He now will complete his masterpiece with the purchase of Obama's American dream. Trillions, trillions, and trillions.
The final outcome will be horrific. We live in la la land now where no one asks what trillions and trillions and trillions printed does to an economy. When the hyperinflation sets in and the panic takes hold, suddenly it will all become real and the only question is how scary it will get.
The stock market collapsed in a two month span during October and November last year taking away any hope of most of the people in this country ever retiring. They have been pretty calm about that so far. I wonder what would happen if their currency collapsed in a two month span and most people were unable to afford food, gasoline, and shelter. We'd truly get to find out how much we all love each other at that point.
I spent all last year writing, and writing, and writing about the problems in the banking system, the trouble coming ahead, and what it meant for the economy. A few of my friends and family headed those warnings, protected themselves, and were out of harms way when everything collapsed in October. Many of those people are now protecting themselves against the coming currency collapse, and I can only hope others will do the same.
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