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jovial9 months ago

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I'm not an economist, but something tells me this isn't a good thing.

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  nostalgia9 months ago
  
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  Everyone is focusing on the AIG bonuses and ignoring what the Fed announced the other day and Geithner the other week
  The value of the dollar is being destroyed right in front of our faces
  
  When the Federal Reserve met in January they voted on buying long term Treasury bonds
  The vote was 1-9 against
  
  This week they announced that they are going to buy $300 billion in long term Treasury bonds
  Vote 10-0 for
  
  This is in addition to $750 billion of mortgage-backed securities this year, raising its total purchase commitment for those securities to $1.25 trillion.
  
  Where is the Fed going to get over $1 trillion - Treasury will print it, give it to the Fed and the Fed will buy long term Treasury bills and mortgage backed securities
  
  Our money is going to be worthless
  Inflation will be out of sight
  
  And how many of you paid attention to Geithner's new bank rescue program?
  It includes a plan to generate about $1 trillion in new consumer lending and to eliminate up to $1 trillion of banks’ bad assets.
  
  Then the Obama budget - $3.55 trillion
  
  It isn't just going to be the UN calling for ditching the dollar
  
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