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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (121606)	9/23/2012 11:01:46 AM
From: RetiredNow	Respond to of 149317

Because there is no free lunch. Not only is it a beggar thy neighbor strategy that creates massive unrest and enmity around the world, but here at home, it crucifies the savers and destroys our purchasing power. It acts as a giant tax, the proceeds from which are handed straight to Congress and the big banks. The little people are then expected to enjoy the fruits of trickle down. Do we really? No. Trickle down theory is bullshit. I think we can all agree on that. Well, money printing and QE is nothing more than the largest implementation of trickle down theory ever. Here's another problem that Volcker and Greenspan have both spoken about. QE might even have some marginal benefit, if there was a liquidity problem out there. However, the world is awash in liquidity. We're drowning in it. QE is just pushing on a string. It's not going to cause the banks to start lending again. They already have plenty of excess reserves that they aren't using. That's why they call it EXCESS RESERVES. All of this is so elementary. Anyway, my advice is buy gold. The only certainty left is that Bernanke and Obama are determined to debase our currency. We'll see a 30-50% loss in purchasing power within the next 8 years. Over the last 10, we saw a 30% debasement, but Bernanke is accelerating that, so expect more in the next 8 years than in the last 10. Gold won't increase your wealth in terms of purchasing power, but it will preserve it until the madness ends. I believe now the game is not to worry about getting yield or making money on your money, but rather to preserve wealth. That should be everyone's highest priority now until the crazy people are removed from the Fed and Congress.