Fed Planning QE3?: Don’t look now but it seems that the Fed might be planning some more economic tinkering. Just the sort that always seems to explode our cost of living by destroying the value of our dollars. And it occurs to us that the actions of the government and the Fed over this crisis should forever put to bed this myth that capitalism promotes materialism and consumerism above all else. If we had capitalism in this country the price of money would revalue itself to make it more difficult to consume. It would make it more advantageous to save. And this trend would continue until actual wealth could again support spending. But we don’t have capitalism in this country. We have something else entirely. A system that punishes savings by devaluing the currency. A system that promotes materialism and consumption above all else by first making the money cheaper than it should be, borrowing from other countries to extend the spending that wealth cannot provide for and finally -when both of those other options have failed- cranking up the printing presses.
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