the thing is the Fed & Bernanke are on the carpet these days but it was the administration's prolificness & complicity in allowing Wall Street license that is the engine of financial independence disasters. & the crap congress was all to eager jumping at the spoils.
the deficit was to be paid by 2012 & instead the party in power squandered this opportunity, ignored common sense, and now the country is spinning clockwise into the toilet unable to figure a way out except currency liquidity. we supposedly have a war. how is that funded? there was no corresponding increase in taxes for that. after all, is it not a war & wars require a massive infusion of public monies for engagement.
what do you imagine if the world will not desire much less assume the influx more massive releases of US$. there will be a lot of cheaper dollars bidding on scarce resources. yesterday, Japan went public with news the Yen may strengthen. this can only lead to another a further run on the dollar. in the wash, foreign holders will liquidate their dollar holdings in favor of stability & protection of wealth. the problems will only be compounded without the world's understanding & complicity (aka help).
being the US$ is the de facto reserve currency of the world we do have fiscal responsibility that does not include gutting the dollar. maybe the logical solution will be a call to arms of all the Gates, Buffets, Forbes, Bloomber, even Soros..& all the captains of industry to figure out a logical solution to this on- going quagmire. but it seems the 'center stage' stage belongs to the Fed with it's too often public statements. it is not much more than a Hollywood production that falls way below
our expectations.
when is the public finger pointing at the perpetrators of our fiscal disasters. why has it been allowed to happen? was anything ever learned from the Savings & Loan fiascoes of the early 90's? there was rage back then too. whatever happened with regulation of financial services?
but the fly in the ointment this time is the debasing of the dollar, something the foreign holders of $5.5 trillion may not be in agreement with. if you want to spend monies like a drunken sailor how in the hell is your bank figure in the corrective action equation except to cut off funds? when sh*t happens, don't go blaming Bernanke every month. it is easy to witness the Ron Pauls & all the other congressional misfits grab the public mic, go center stage, showing the whole world their concerns, their frustrations & what will Bernanke do? maybe he won't blink next time. |
