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Deflation now besets America, but reckless money creation eventually causes inflation, "to be followed by hyperinflation and ultimately deflationary depression."
George Bernard Shaw observed that "If governments devalue the(ir) currenc(ies) in order to betray all creditors, you politely call this procedure 'inflation.' " It doesn't just happen. It's from reckless monetary and/or fiscal policies.
Moreover, the combination of government-created debt for wars and corporate handouts as well as QE II will "bury the economy." It will do nothing to increase demand, reverse the housing crisis, create jobs, or stimulate growth, what sick economies need to get well.
Financial expert and investor safety advocate Martin Weiss worries that the Fed is "unleash(ing) a whole new round of monetary stimulus, potentially driving more liquidity into gold, commodities, foreign currencies, and emerging markets, noting also "one of the greatest disconnects of all time between:
-- a sinking economy on the one side, and
-- the real possibility of roaring bull markets in certain asset classes on the other side."
On November 3, Bloomberg's Joshua Zumbrun suggested that Republican electoral strength may restrain Fed policy. Don't bet on it. The die is cast. QE II will be unchecked, the announced $600 billion an amount to be raised or lowered freely.
At the same time, bipartisan support for austerity will gravely harm millions of Americans. They're on their own with no help from Washington, newly elected bums even worse than repudiated ones. To their chagrin, voters will realize it once the 112th Congress convenes, what they already should know about a president who betrayed them.
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