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Posted by: nostalgia 9 months, 3 weeks ago
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nostalgia9 months, 3 weeks 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
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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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