Back-up can it be?
Jul 24th, 2011 by Randy Toman
I made a statement in the last article we need not think “Conspiracy Theory” if we had enough people going in the wrong direction—we would have by default things going wrong—–as if by some design.
Take a look at this statistic. From Thomas Sowell as posted in the James Cook “Market Update” newsletter July 2011:
“A recent poll showed that nearly half the American public believes that the government should redistribute wealth. That so many people are so willing to blithely put such as enormous and dangerous arbitrary power in the hands of politicians—risking their own freedom, in hopes of getting what someone else has—is a painful sign of how far many citizens and voters fall short of what is needed to preserve a democratic republic.”
Add this to the “Conspiracy Theory” and you could start to think it is some evil design, in the same newsletter quoting John Williams we have this;
“Federal Reserve Banks and the extensive staff of fine economists throughout the Federal Reserve System do not understand why the economic and systemic-liquidity crises persist.—More likely, the problems are understood, but Benanke’s admitting that circumstances are beyond control, and the FED lacks the ability to address the issues effectively.”
Now that is scary—–do they or don’t they understand and will they be able to prevent a systemic collapse of the dollar, the FED and the economy?
One more from the same newsletter Graham Summers;
“I’ve said it before and I say it again: Bernanke is slowly losing control of the system. In 2007, he was putting $30 billion into the system here and there. In 2008-2010, he upped the ante to $50 billion per month. QE2 pushed the amount up to $100 billion per month. And here he is hinting at giving another $300 billion when QE2 ends!?!”
“Folks, there is a name for a financial game that requires larger and larger sums of money to continue. It’s called a Ponzi scheme and the longer it lasts the more disastrous the collapse will be.”
And finally the last quote—-same newsletter Ludwig von Mises 1958 speech;
“With the stroke of a pen, the government creates fiat money, thus increasing the quantity of money and credit. The government simply issues the order, and the fiat money is there.
The government does not care, at first, that some people will be losers, it does not care that prices will go up. The legislators say: “This is a wonderful system.” But it cannot last.—–”
The combination of debt and the printing of dollars is deadly, it has caused a death spiral and will cause serious inflation shortly; of which, this country can not and will not pull out of. And all we have is the legislators peaking around at the edges trying to give the illusions of fixing something. The problem is deep and they understand nothing of its causes. We shall see the final out come as to how our president and the governing body of the House and Senate handle themselves in representing us the citizens.