The destruction of our currency is well underway. It is not a process that can be undone or even halted. It may be for the best. Or debts, personal, corporate and societal are huge. We cannot realistically hope to ever pay them off in dollars that are worth anything. As for the dollars and instruments of indebtedness held now, by foreign hands, there is only one place that they may be redeemed for any value at all and that is right here in America.
The money and bonds that have gushed out of this country will now gush back in. They will be used to purchase our failing corporations, our broken financial institutions, the very land itself. They aren't good bargains and the prices will be horribly inflated but the money can't be used anywhere else, for anything else, except to wipe your ass. All this money will provide the liquidity we need to get the economy going again. It won't be our economy anymore but a job is a job. It's better than nothing.
It may be that Ben Bernanke will be venerated for saving the American Economy by deliberately destroying the value of the dollar. Did he do it on purpose or was he just lucky? I expect it was the former. It is maniacly brilliant. If it works, it will probably be worth every broken dream.
1 comment:
I can't figure out this "bail out the banks and investment banks" move they are doing.
If I have a bad investment, I sell it at year end and take the tax deduction. So at least once a year I take a hard look at my holdings. 30 billion for Bear Stearns. 200 billion for the banks. When will it end?
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