Mo’ Money, Mo’ Problems
The Federal Reserve decided today to use quantitative easing to add $40 billion every month until the U.S. labor market improves. The architects of this dangerous strategy figure the only way to save the American economy involves injecting newly created money into the market. They believe that more quantitative easing will improve the market. It seems like few people truly understand the significance of this last ditch effort. America’s economy is truly on the brink of collapse, and the dollar is about to be driven into the ground as a stable currency.
As the Federal Reserve adds even more unbacked currency into the market, the true value of the dollar will drop. Of course, the European Union is also using this economic policy, so at least we’ll have company at the bottom of the financial totem pole. Luckily for the EU, Germany is still a strong economic force and is loaning needy countries money to keep the EU from failing.
For the terms of multiple administrations, now, our fiscal policy has been designed to benefit the wealthy through deregulation, predatorial lending practices, and tax incentives. This might not have spawned such disastrous consequences had federal oversight been exercised. In fact, government indifference and corruption made the situation much worse. The greed, arrogance, and ineptitude of many of our elected officials must end if this country is to stand the chance of any recovery that might return us to our former economic circumstances. Americans should begin telling our leaders that we don’t appreciate such financial fiascos.