The stupid and the greedy are hoping that Federal Reserve Chairman and all around economic dimwit Ben Bernanke will screw the working poor and middle class one more time to keep asset prices over-inflated:
..Following a slew of downbeat economic indicators, market expectations are growing that there will be more quantitative easing from the Fed before the end of the year. Under the radical scheme, also used in the UK last year, central banks pour money into buying assets such as government bonds from banks and the commercial sector, pumping more cash into the financial system and at the same time cutting market rates…
I understand why the people calling for Quantative Easing 2.0 (ie, print more money) are doing so – because they live off our over-leveraged, usurious, fiat-money-based economy and they know that if asset prices don’t remain inflated, they’re cooked. I know why Ben Bernanke is at least willing to do it – he’s one of them. What I don’t understand is why no one in government – from Obama on down – is out there screaming and even legislating for Bernanke to stop. Sure, Obama believes in that Keynesian economic nonsense, bit it is clear that the last QE didn’t work – so why try it again?
We’re eyeball to eyeball with complete economic collapse while Obama and his Democrats are facing a crushing defeat this November. If the plan is that Obama and his Democrats are hoping to add a 2012 wipe out to their 2010 losses, then letting Bernanke get away with QE2 is the best way to do it. Sure, such a move would delight the sort of idiot investors who got us in to this mess and keep the S&P 500 high for a while – and it might even put another momentary bloom of health on the economy (though very much shorter lived than the previous one) – but the ultimate result of such a move is just more of the same – ie, more economic pain.
Its time we started to realize that we’re broke – no, scratch that. The people do realize we’re broke – its time for our leadership to admit it. We have to get back to work and thus all policies must be geared towards plowing fields, digging mines and opening up factories…if it doesn’t assist in one of those three things, it simply should not be done…and whatever we do, it can’t be done with borrowed or printed money.
Its time to get back to the real world and get back to work – Bernanke thinks its time to bail out his bankster buddies.
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