Thursday, March 13, 2008

The Fed Makes it Rain

The more I listen to the chorus of this vid by Fat Joe and Lil Wayne the more I think of what Bernanke and the Fed are doing with our dollar.

Gary North has an analysis of the recent action by the Fed and the other Central Banks:

Here is the FED's official description. The first two paragraphs are clear. They are a warning call.

Since the coordinated actions taken in December 2007, the G-10 central banks have continued to work together closely and to consult regularly on liquidity pressures in funding markets. Pressures in some of these markets have recently increased again. We all continue to work together and will take appropriate steps to address those liquidity pressures.

To that end, today the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank are announcing specific measures.

This is an international credit crisis. Make no mistake about this. No single central bank can deal with it successfully.

Read the rest here, and remember, if we even introduced legalized competition of gold and silver as legal tender, those who aren't rich and ridiculously handsome like me will have a better shot at preserving their wealth instead of having it eaten away by inflation. F#$@ the Federal Reserve.

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