Thursday, March 13, 2008

Federal Reserve: We should put it on the Green Mile

The reports of the weakening dollar keep coming in:

Antique store owners in lower Manhattan, ticket vendors at India's Taj Mahal and Brazilian business executives heading to China all have one thing in common these days: They don't want U.S. dollars.
The reason people don't want dollars is simple, people don't want what the dollar is offering. The dollar, at one time, used to represent stability, value, and security. Now, based on the unprecedented liquidity injections, interest rate decreases and other market manipulations by Bernanke and company, one can conclude that a full fledged panic is just around the corner because that stability, value, and security is being shredded.

What offends me the most is that peoples life savings are being stolen from them by inflation. The buying power that someone on a fixed income (like the elderly) has is being taken from them through no fault of their own. It was bad enough when 3 percent inflation was deemed "acceptable" (sorry Milton Friedman, you were wrong on this) but now that the inflation rate is pointing towards double digits. Where is the outcry?

Shouldn't I see headlines like: "US Economy Killed by Terrorists and Excessive Government Spending and Inflation, but mostly by Excessive Government Spending and Inflation" over at Ace?

or even a "Dude" by Allahpundit over at Hotair?

What does the White House have to say about the weakening dollar? Oh yeah:

We should be at LEAST as offended about the Federal Reserve as we are about illegals coming into this country.

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1 comment:

The Swindle said...

Unfortunately, in order to care about any of this, a person would have to have a general idea about economics, which unfortunately most Americans don't have. In fact, you'd be hard pressed these days to find people that are aware enough to know that Sadaam Hussein had nothing to do with 9/11 or Al Qaeda.

We're in big trouble, and the really scary part about it is that when the ship goes down, most Americans are not going to have any clue why it happened. Hopefully when this happens the powers that be don't use a scapegoat like certain other 20th century civilizations.