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QE Shell Game

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QE Shell Game

It's grand theft by other means.

by Stephen Lendman

Now you see it. Now you don't. QE III is the Fed's latest scam. A previous article quoted PIMCO's Bill Gross. He called it money printing "till the cows come home."

Doing it won't resolve festering economic problems. They're getting worse while Bernanke, the ECB, Bank of England, Bank of Japan, Congress, Obama, and like-minded world leaders fiddle.

After crisis conditions erupted in fall 2007, one scam followed another. Occupy Wall Street is right. "Banks got bailed out. We got sold out." It hasn't stopped and won't until either people rebel or the whole house of cards Greenspan/Bernanke built collapses.

Helicopter Ben operates by Abraham Maslow's maxim that "if the only tool you have is a hammer, every problem looks like a nail." 

Hammering all day won't help. He's buying time. Little else. An eventual day of reckoning looms. The longer it's delayed, the greater the collapse when it comes.

It's not if, just when. Bad policy assures bad results. It's not rocket science. It's simple truth.

If properly used, QE could have worked and still can if redirected to where it's needed. It's not and won't be. For nearly five years, credit went for speculation, big salaries and bonuses. It hasn't been for the economy to stimulate growth and create jobs.

Financial warfare rages. America and other societies are affected. Ordinary people are hurt most. Hard times keep getting harder.

Since September 2007, the Fed cut interest rates from 5.25 to .25%. Surviving investment banks became commercial ones to get free money unavailable to ordinary folks. 

They scammed trillions. How much is kept secret. It's at least $9 trillion and may be up to two and half times that much.

Hundreds of billions went to Fannie, Freddie, AIG, the automakers and others. At the same time, millions lost jobs, homes and futures. Who cares about them when only money power and helping corporate favorites matter.

In fall 2008, $700 billion in TARP funds were created. The Fed bought commercial paper from non-financial firms. It offered $540 billion to backstop money market funds.

It handed Citigroup $280 billion for its liabilities and $140 billion for Bank of America's.

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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