Wednesday, November 17, 2010

Pillaging Again

David DeGraw writes about how quantitative easy by the Federal Reserve will exacerbate poverty in America by devaluing the dollar further:
"The Federal Reserve’s actions are already causing the price of food and gas to increase and will cause hyperinflation on most basic necessities. This is happening at a time when we have a record 52 million Americans living in poverty, 42.4 million on food stamps and 77 percent of the population now living paycheck to paycheck. By deliberately devaluing the dollar and causing the price of necessities to rise, the Federal Reserve is, as a matter of strategic policy, sacrificing a significant percentage of the US population for the benefit of a few bankers - bankers who have already been experiencing all-time record high bonuses over the past two years. This is why we now have the highest and most severe inequality of wealth in US history. Not even the robber barons looted the economy as effectively as these banksters have."

Majia here: There is widespread agreement among economists that quantitative easing is aimed at helping banks, not the majority of the population.

Moreover, quantitative easing is causing currency disruptions in emerging economies and is exacerbating trade war sentiments across the globe. The U.S. is not collaborating, is the global sentiment.

The lack of collaboration does not stem from a desire by US policy makers to protect the American population. Rather, the policy is aimed at protecting the too-big-to-fail monstrosities....

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