Tuesday, October 26, 2010

... and speaking of the Fed ...

Have you heard of "Fedmageddon?" Stephen Gandel, Time magazine's Curious Capitalist, isn't exactly predicting it, but he conducts an excellent review of economic opinion as to what could happen if the Federal Reserve Board decides Nov. 4 to engage in a policy called "quantitative easing." In plain English: print more than $1 trillion to satisfy large bank debtors, so we can become more like Zimbabwe (left).

However, even as this most mainstream medium points out, that could destroy the savings of millions of Americans. While the Curious Capitalist doesn't think that riots and civil war will really happen, he does see dry gunpowder waiting for a catalyst.
The consensus? With 10% unemployment, zero interest rates, and a stagnant economy, there will be a double-dip recession. Delaying the second dip will only make it worse when it comes, so let's get it over with.

The only problem is, getting it over with would deny Wall Street yet another chance to rob the American people, and we can't let that happen, can we?

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