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Quantitative Easing Explained So Obama Can Understand
After President Obama’s “worst-ever” performance at the G-20 summit, I think perhaps everyone in the Obama administration needs to watch this video.
Quantitative Easing (a.k.a. printing money) is yet another area in which Chairman Zero is dead wrong.
Even as Barack Obama and Ben Bernanke publicly defend the Federal Reserve’s new $600 billion quantitative easing program, top finance officials around the globe are expressing alarm and outrage. But what did Obama and Bernanke expect? “Quantitative easing” is little more than legalized cheating. For a moment, imagine that the global economy is a giant game of Monopoly. Essentially what Bernanke has done is that he has just reached under the table and has slipped another $600 billion on to his pile of money, hoping that the rest of the players will not call him out on it. The rest of the world has heavily invested in the U.S. dollar and in U.S. Treasuries, and this new quantitative easing program is going to devalue all of those holdings. If the Federal Reserve continues to go down the road of monetizing U.S. government debt, other nations are rapidly going to get spooked and will soon refuse to invest in U.S. dollars and U.S. Treasuries. When that day arrives, it is going to cause mass panic in the world financial system.Already, investors across the globe are flocking out of the U.S. dollar and into safe investments such as gold and silver. On Monday, gold closed at an all-time record high of $1,403.20 an ounce on the New York Mercantile Exchange, and silver closed at a 30-year high of $27.43 an ounce.
Unfortunately, our leaders seem absolutely clueless about what is really going on. In fact, Barack Obama is very much in Bernanke’s corner. During his trip to India, Barack Obama made it clear that he very much supports this new round of quantitative easing by the Federal Reserve….
“I will say that the Fed’s mandate, my mandate, is to grow our economy. And that’s not just good for the United States, that’s good for the world as a whole.”
This is the exact opposite of what Barack Obama should be doing. He should be demanding accountability from Ben Bernanke and the Federal Reserve. He should be trying to get the U.S. financial system back on some kind of solid footing.
But we all know that is not going to happen. Obama had no problem renominating Bernanke to another term, and Obama has publicly supported him at every opportunity.
Well, if Obama isn’t going to do it, shouldn’t some of our other representatives in Washington D.C. be calling for the resignation of Bernanke? After all, how many chances does one guy get?
Related: Ed Morrissey posts columns from both sides of the political aisle which point out how The Obamessiah’s inexperience is sadly apparent — “Left, Right agree: Obama’s G-20 performance worst ever.”
Other QE articles worth a look:
“Why Bernanke’s ‘Quantitative Easing’ Isn’t Fooling Anyone”
“The 9 Reasons Why Quantitative Easing Is Bad For The U.S. Economy”
Posted by FullMetalPatriot
12th gen. American, Constitutionalist, Harley-riding Texan, gun owner & NRA member, blogger, illustrator, Florida Gator alumnus. #TCOT
12th gen. American, Constitutionalist, Harley-riding Texan, gun owner & NRA member, blogger, illustrator, Florida Gator alumnus. #TCOT
