Posted on 08/14/2009 5:00:49 AM PDT by Halfmanhalfamazing
WASHINGTON -- When stock markets plumbed new lows in March, the Federal Reserve responded with nearly every tool in its box. It announced it would create new money to buy $1.25 trillion in mortgages and $300 billion in government debt. That purchase of government debt looked particularly ominous. Creating new money to buy government debt is the sort of strategy that's known to destroy economies--just ask Zimbabwe, which suffered so much hyperinflation that it destroyed its currency. The Zimbabwe central bank printed bills in the denomination of 100 trillion Zimbabwean dollars, then found they had value only as a novelty item on eBay. Eventually, Zimbabwe was forced to abandon its currency altogether.
(Excerpt) Read more at forbes.com ...
But cash for clunkers is good ...
I think “Cash for Clunkers” should be the new name for “Campaign Finance Reform”....
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The way Obama is going, which may be intentional in the name of the global Marxist government that the elitists in the UN are trying to establish, we could end up the same way.
Russia, some Middle eastern Islamic countries, most notably Iran and others in the EU are pushing for a world currency.
At the very least, we are heading for hyperinflation if Obama is allowed to continue spending like a drunken sailor. This health care bill would be more than enough to send our dollar over the edge.
Spending and printing has to stop NOW.
The angry people at Town Halls were one thing. Just wait until the currency collapses.
What else can the idiots do?
Borrow more ... we're tapped out.
Tax more ... we're already choked to death.
Cut spending ... unthinkable!
Been stockpiling cash for about a year. If the inflation monster kicks in, we will be able to buy food. As for the media saying whatever, this is the same media that is part of this administration so they will say whatever makes ozero look good. It would be very foolish to believe them. We need to treat the media the way Regan treated the soviets. Trust buy verify.
Another thought.
We the American taxpayers have become Reagan
The ozero team and their media are the soviets.
Pretty simple to me.
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