November 8, 2010
In response to China and Russia complaining about the insanity that is QE2, Obama has defended the Federal Reserve. “U.S. President Barack Obama defended the Federal Reserve’s policy of printing dollars on Monday after China and Russia stepped up criticism ahead of this week’s Group of 20 meeting,” reports Reuters today. “I will say that the Fed’s mandate, my mandate, is to grow our economy. And that’s not just good for the United States, that’s good for the world as a whole,” Obama said during his extravagant trip to India.
|QE2: Just globalist monetary policy as usual.|
Should we be surprised that Obama’s mandate is the same mandate of the international banksters that own the Federal Reserve and have pawned it off for nearly a century as an agency of the U.S. government? No, of course not. Barry Obama is a script-reader for the global elite. He will read anything that scrolls across his teleprompter.
As Michael Snyder of the Economic Collapse noted last week, many economists now believe that the Federal Reserve has crossed the Rubicon by announcing another wave of quantitative easing.
“Have we now reached a point where the Federal Reserve is simply going to fire up the printing presses and shower massive wads of cash into the financial system whenever the U.S. economy is not growing fast enough? If so, what does the mean for inflation, the stability of the world financial system and the future of the U.S. dollar?” writes Snyder.
It means the end of the dollar as the world’s reserve currency. It means another round of completely insane and suicidal debt ultimately owed to banksters.
According to the financial talking heads in the corporate media, printing money out of thin air and creating astronomical debt piled upon previously astronomical debt will stimulate the economy and get things working again. “The sad truth is that the Federal Reserve is not trying to build an economic recovery on solid financial principles. Rather, what the Federal Reserve envisions is an “economic recovery” based on new debt creation,” writes Snyder.
- A d v e r t i s e m e n t
“If 1.8 trillion dollars didn’t work before, why does the Federal Reserve think that 900 billion dollars is going to work now? This new round of quantitative easing will create more inflation and will cause speculative asset bubbles, but it is not going to fix what is wrong with the economy.” In fact, it will make things worse, far worse, for the average citizen.
“Most Americans have absolutely no idea how fragile the world financial system is right now. Once the rest of the world loses faith in the U.S. dollar and in U.S. Treasuries this entire thing could completely unravel very quickly.”
In short, the situation is the exact opposite of what Obama says it is. After the Fed prints around $600 billion and uses it to purchase government bonds, the skids will be greased for a fall of the global economy. China and Russia know this. And this is why they are complaining at the G20 about the insane QE2 death spiral about to take place.
Ron Paul believes QE2 represents the beginning of the end of the Federal Reserve system. “I think the Fed will self-destruct,” Paul told CNBC (see video above). “People will desert the dollar. I think the Chinese are hinting that already. They are not wanting our dollars as much as raw materials. This is a deeply flawed monetary system. Here we have a small group of people who can create $600 billion with the stroke of a pen… I don’t know where people are coming from to think that this can work. What really astounds me me is how tolerant the people are, the people in Congress and the financial market, where did this authority come from? Now somebody outside of the government can spend trillions of dollars and not think anything about it. It doesn’t work, it’s a failure. And next year it will be more. Bernanke is very clear on what he is going to do — he is going to create money until he gets economic growth and there is no evidence to show that just creating money causes economic growth.”
Failure or engineered financial implosion?
|Fareed Zakaria to Bill Maher: Barry did “big things” for the banksters and so will the next Oval Office teleprompter reader.|
In the meantime, you’ll have to endure Barry Obama. Not only Barry, but his groomed apologists like potty-mouth “comedian” Bill Maher and the globalist Fahreed Zakaria, who is now a prized asset of that crown jewel of the CIA’s Operation Mockingbird, Time Magazine. In response to an exaggeration on the exact amount of money the American tax payer will be forced to shell out at gunpoint in order to pay for Barry’s jaunt to India, Maher said the internet is contributing to a devolution of reality, as John Byrne of Raw Story puts it.
“Do you think the right wing lives in a bubble?” Maher asked a panel, including Zakaria. “Or a mental institution?” added Fahreed in response to “right wing” criticism of Barry’s trip and his policies – the policies of the global elite – in general.
No, the mental institution is on the Potomac. It is excused and rationalized by the likes of Maher, Zakaria, and Paul Krugman of the New York Times, the latter who never saw a global bankster he did not want to embrace.
“Krugman is the exactly the opposite of a free market economist,” Ron Paul told CNBC. “I would think by now he would have been totally discredited and it’s tragic — I pray every night that his views will just disappear because what he wants to do is more of the bad stuff… He is leading the intellectual charge for the total destruction of the dollar. I don’t see how he has any credibility whatsoever.”
Ditto Maher and Zakaria.
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