Federal Reserve announces open ended QE III. “Open-ended”, like a “bottomless pit”: the program will “buy bonds until the economy improves.” Well, this crap has given us 3 “summers of non-recovery” already, maybe Helicopter Ben is now trying for a “fall of disaster” or such. Voltaire said “Paper money eventually returns to its intrinsic value-zero.” Zero – in honor of Obama.
This post was last modified on January 31, 2021
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Hey, it's only paper, we can always get more!
The greenies will protest our cutting down the trees.
Monopoly money, anyone?
They may soon be worth more than the real money.
the federal reserve is a PRIVATE BANK run by the elite-mega-rich-globalist.
It kills me that the USA has to borrow money with interest when we are a soverign nation that could PRINT ITS OWN MONEY FOR NOTHING!
Before the banksters took over in 1913 it cost our government next to nothing to have the treasury dept. print its own paper currency backed by gold and it worked great.
Once the federal reserve took over by paying off both houses of congress and buying a president, their investment has been paying them back for a hundred f*cking years and will continue to pay until the gubbermint collapses.
The thing that NOBODY is talking about is that BOTH houses of congress have to RE-NEW THE VOTE ON THE FEDERAL RESERVES CHARTER IN 2013!
The hundred years of financial slavery to foriegn banks could END next year, but it won't because the level of corruption is at an all-time high.
It is nice to dream tho.....and MY DREAM is to take back our power of money creation from the federal reserve, change the USA back to a gold-backed dollar, and NULLIFY the illegal debt that has been accrued, just write it off like all the richie-riches get to do and tell anyone who does not like it to go pound sand because we are starting over with a ZERO balance on the books chumly!!
Dude, you're all over the place. I can't figure out what your position is.
You do know that we are printing money, way more money than we should, and that is what is devaluing the dollar. How would our printing money vs borrowing it, fix anything?
Print more money and the price of oil goes up for us. Another reason the economy isn't going to take off any time soon.
Lindsey Williams on Radio Liberty Sept 11 2012 : On September the 6th 2012 China officially announced that any country in the world that wishes to sell crude oil using its currency the Renminbi instead of the US dollar can do so , the following day September the 7th Russia announced that she will sell China all the crude oil that she needs no limitations whatsoever and they will not use the US dollar for their trade , while you were watching the democratic Convention the Dollar Died says Lindsey Williams
It's official, the dollar is dead.
I'm no financial genius but this hasn't done jack for the economy. It's like the definition of insanity is doing the same thing over and over and expecting a different result. My parents are sucking because they get about 0% interest on their accounts. No extra money so the choice is either cut back or dig into the principle.
The banks aren't interested in loaning money because they don't make jack on it either. No reward for risk. So they sit on that TARP money and won't loan it to small businesses or homeowners unless they have stellar or beyond credit. (I have a freind who's a millionaire many times over and even he had trouble getting a re-fi on a house to remodel it).
Perhaps I'm being a bone head but it seems to me raising interest rates is what they should do. Old people would have spending money, banks would make loans as they'd be getting a return on their money and loan it to house buyers and small businesses more often and the economy would get going.
Or am I missing something?
I don't know if raising interest rates would help as there just is no appetite for risk. Banks don't need to lend because they borrow from the Fed at 0% and buy T-bills or bonds with it - even if they get 1-2% on those, they are free of default risk and they make money for doing nothing. Why bother lending to someone (assuming anyone even wants to borrow) to get 3-4% and take the risk that the economy craters and takes your borrower with it? Just sit on your ass and take the free money from the gubbermint.
Frankly, I think the key is to get investors and entepreneurs to WANT to take risk again, not force them into it like the Fed is trying to do. Nobody reacts well to having their backs against the wall. On the one hand, the Fed is trying to squeeze them out of risk-free returns and on the other, Barack Obama is threatening to tax the crap out of any money they manage to make. I saw a thing today where KFC says their profits are gonna drop dramatically once Obamacare is implemented. Sure, if I have captial, do I wanna put up a whole bunch of money to open a store and have all Obama's regulations and taxes bleed me dry if I manage to make a profit, only to risk losing the whole investment because the idiots at the Fed have a high probability of crashing the economy with their idiotic "stimulus"? Or do I just wanna invest in muni bonds, collect 3% tax-free (and relatively risk-free) and sit around drinking martinis? Capital is voting with its feet for the martinis.
Arent muni bonds sort of risky right now? Especially in Kookafornacate. My thinking is that if a city goes bankrupt, dont they just say "screw you" to the bond holders? This is a question, not a comment.
They're insured by the MBIA, which had problems during the collapse in 2008. Still, the right municipality that floats a bond should be a good bet. Problem is the yields aren't good since interest rates are so low.
In the short term it might get Obama reelected. In the long term, it's a cordless bungee jump into the abyss of national financial ruin.
My advice, buy real estate, precious metals and guns. ;)
Don't forget the survival packs of food. They have it now that will store for up to 25 years. Then water will become the hot commodity.
"But the Fed is really the only natural buyer of Treasuries anymore. It will have to continue to monetize Treasury issuance at the same time all the other major developed economies—from the Bank of Japan to the Bank of England to the European Central Bank—are doing the same. Pursue that to its natural conclusion, and you see the inevitable demise of fiat money. To look at our policies and not be concerned about the risks to our currency would be dangerously naive."
That's from a Barrons interview with Stephanie Pomboy from July (subscription required, here's the link if you are a subscriber: http://online.barrons.com/article/SB50001424053111904346504577531052271788084.html#articleTabs_article%3D0) She is predicting the end of fiat money within 5 years or so.
I agree with her take. Historically, fiat currencies last between 30 and 50 years. I've heard that we have 8500 tons of gold so to go back would require revaluing our currency and based on the current money supply an ounce of gold would be about $64,000 per ounce.
So then my silver is worth what, about $2,000/ounce?
Probably. Of course, our gold and silver will be confiscated like gold was under FDR. Not to worry you'll get some paper money in return.
No problem, I'll just hide mine. They don't have anything that can trace my stash.
metal detectors
Nope
The metal detector will never make it to my stash.
Hyperinflation here we come, the next credit downgrade will sure be fun, better get your cash out before the big bank run, hyperinflation here we come!!!!
Perhaps everyone should start calling them Obama Dollars
Shall we just have Parker Brothers print our money? Although Monopoly money is probably worth more than US currency.
Damn, guess I had better stop praying for the Euro to fail in order to make it worth bringing my (few) American dollars here.
Can some one dig up Nixon and slap him for taking us off the gold standard?
He took off the silver standard. Roosevelt took off the gold standard