Five hundred billion more, freshly printed, absolutely valueless, dollars. It’s being fronted as a boost to the economy through funneling money to the mega banks, who will then presumably buy more of Fannie and Freddie’s marginal and junk mortgages in the form of securities and bonds.
What they are doing is absolute Keynesian garbage. People all over the country have used basic economics to figure out that flooding the marketplace with cheap dollars is going to create inflation, which may be a handy way to to retire some debt if you’re the government but, as usual, with total disregard of the effects it would have on the average American citizen.
Cheaper dollars = inflation, and if vast and rapid spending cuts are not undertaken by the new majority we may face hyperinflation. Memo to the new Conservative majority: We want the Fed and the over-educated leftists running the whole shooting match stopped. And yeah, we know you’ve got your agenda and yeah, we agree with most everything on it… as a matter of fact we insist.
This Fed thing needs immediate intervention. It’s the leftist straw dog line emerging here again… stimulating the economy. In fact, as has been proven time after time in country after country, it just doesn’t work.
Liberal economics do not create wealth. It does not promote security or prosperity. The result of Marxist economic policies invariably creates a pall of poverty and want, a degradation of life quality and the inevitable erosion of the moral fiber of the country. Better we fight the fight here and now.
No compromises, no more, or else.
Semper Vigilans, Semper Fidelis
© Skip MacLure 2010