Here we go again. As if Washington, including the President, Congress, the Treasury Department, and the Federal Reserve have not done enough to ruin our once robust economy, the Fed will be meeting tomorrow to see what it can do to STIMULATE the economy!!! PLEASE DO NOT TOUCH THIS ECONOMY AGAIN. All the Fed has done so far is print trillions of dollars, setting up an eventual inflationary spiral and low dollar value downturn; then created a false stock market bubble by investing some of their monopoly money in the stock market. Now that their little bubble is bursting in the stock market, they are thinking about doing it again! Talk about Idiotic!
I cannot believe that no one at the Fed has not read Albert Einstein’s often quoted definition of Insanity:
“Insanity: doing the same thing over and over again and expecting different results. “
Bernanke is a one trick pony and one that we simply cannot afford. He needs to sit this one out and let the markets seek their own level. Today in the Financial Times, Robin Harding reported:
“Sharply weaker economic data in recent weeks, a new peak in the eurozone debt crisis, and a downgrade to the triple A credit rating of the US have shaken confidence in a way that could spiral towards a new recession. The Fed will be forced to consider fresh stimulus in response.” (my emphasis)
The only real hope we may have to get the Fed to sit this one out for a few days is the split within the Federal Reserve group of Governors. The meeting tomorrow may be a replay of last years contentious meeting where Bernanke prevailed but the consensus was week to say the least. You even had the past Fed Chairman who presided over the Fed during the creation, maturation, and collapse of the entire Sub-Prime Loan Crash that led to the 2008 Depression, Alan Greenspan, advocating the Printing of More Money as the solution.
FOR ONCE, CAN ONE OF THESE EGGHEADS JUST COME OUT AND
SAY THEY REALLY DO NOT HAVE A CLUE
WHAT TO DO AND THEN DO NOTHING!
Keep an eye on the Fed. You do not vote for them nor do you or Congress have any control over them. Every time the Fed prints a single dollar, they are stealing value from every dollar you have. There are already calls from the international community to drop the United States Dollar as the international currency. If this happens, our currency will be subject to the whims of the world currency market and your dollar will be worth even less… You have a big stake in what is happening, keep your eyes open and watch Bernanke very carefully…