Posted on 09/13/2012 1:10:51 PM PDT by Bratch
Governor Palin has been warning us about this. Via Facebook:
President Obama is clearly revealing his rapid loss of any grip on the economic and security issues that are of utmost importance to our country. His economic and foreign policy blunders are manifesting chaos. On the same day when we see more chaos erupting in the Middle East and President Obama declaring that Egypt is no longer considered our ally, the Federal Reserve announced that it will spend $40 billion a month to purchase mortgage-backed securities with no end date set. QE3 is upon us.
In a speech nearly two years ago, I asked: “If [QE2] doesn’t work, what do we do then? Print even more money? What’s the end game here? Where will all this money printing on an unprecedented scale take us? Do we have any guarantees that QE2 won’t be followed by QE3, 4, and 5, until eventually – inevitably – no one will want to buy our debt anymore? What happens if the Fed becomes not just the buyer of last resort, but the buyer of only resort?”
As predicted, QE3 is upon us. Is it any wonder that the dollar is down against major currencies? This temporary, artificial economic “stimulus” bought at the expense of high inflation is no substitute for a stable currency and genuine long-term economic recovery. This is what happens when big government centralized planners try to “plan” our economy. President Obama is no doubt happy, though, that this latest sugar fix comes 53 days before the election.
- Sarah Palin
armed with nothing more then a keyboard and her wit... this lady exposes the left for the amateurs they are
even an empty chair would wither under this truth
Bump
Printing paper money always has been a problem for leaders who prized individual liberty and opportunity for citizens over outright lust for power for themselves.
Readers of this thread may be interested in the following quotations on the subject from "Our Ageless Constitution." Dr. Edwin Vieira, who contributed to that volume, has written extensively on the Founders' protections for liberty through their provisions for a sound money system. A search of his books and writings provide a great resource for understanding the dangers of paper money, and the wonderful protections of the Founders' system.
Thomas Jefferson:
"Paper is liable to be abused, has been, is, and forever will be abused, in every country in which it is permitted."
". . . although the other nations of Europe have tried and trodden every path of force or folly in fruitless quest of the same object, yet we still expect to find in juggling tricks and banking dreams, that money can be made out of nothing. . . The misfortune is. . . we shall plunge ourselves in unextinguishable debt, and entail on our posterity an inheritance of external taxes, which will bring our government and people into the condition of those of England, an nation of pikes and gudgeons, the latter bred merely as food for the former."
"Stock dealers and banking companies, by the aid of a paper system [paper money] are enriching themselves to the ruin of our country, and swaying the government by their possession of the printing presses, which their wealth commands, and by other means, not always honorable to the character of our countrymen."
Then there is John Maynard Keynes observation in "The Economic Consequences of the Peace - 1920":
"Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method, they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. . . . Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. . . . (It) does it in a manner which not one man in a million is able to diagnose. . . ."
“Quantitative Easing”, my donkey!
Try runaway inflation.
Anyone on a fixed income will be eating dogfood -— IF they can afford it.
“The Amateur” has succeeded in destroying the foundations of our (and the world’s) economy.
Hard times are ahead, REAL hard.
For your list!
There was no greater advocate of currency debauchery than Keynes.
He said he was going to fundamentally change this country.
He said he was going to lay a new foundation for the economy.
In order to lay a new foundation, you have to excavate and totally destroy the existing one.
And liberals worship at his altar.
He gives them cover to spend our money like sailors on shore leave.
But there is one woman who seems able to keep up with it. Still wish I knew why she decided not to run.
These people won't be happy until we live by the fires of the worthless currency they have thrust upon us.
However that will only last until the whole things come crashing down and we can start this Republic over.
Obama’s economic policies are so good according to him that we have to have QE3. The clown is a dismal failure on so many fronts. R&R should have a field day with this news.
Perhaps that's why the Keynes observation quoted here seems pertinent at this time in America's history.
Spot on! And, Helicopter Ben says printing is the way to go, for as many times as it takes to pump up this economy. Sheeesh!
Hyperinflation. And to prevent hyperinflation, the Fed will have to decelerate the growth in the money supply. When this happens, the economy will stall again or go into a recession. Then the Fed will have to start the same stimulus-contraction cycle all over again.
I believe this deliberate action is part of a more insiduous plan. It will be much easier to implement a world-wide pay scale when there is no longer an American middle class to compare too. Once retirement accounts are worthless we’ll become the 21st century serfs in the corporate version of the feudal system.
QE3 - page 495 in Soros’ book on how to destroy America in less than four years.
Why did the Fed refuse for months to go forward with QE3 except that they feared its negative consequences? And why have they decided to go forward now except that the economy has become so extremely bad that they feared the consequences of not doing so?
Ben Bernanke might as well have said today that the U.S. economy needs emergency surgery. Yet since neither QE1 nor QE2 worked, where does that leave us?
Thank you guys! I was outside in the wonderful sun.
Bernanke is counting on inflation to pay down the debt.
He and his Marxist buddy have made a man made disaster of our economy and Sarah Palin nails it, again!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.