In case you hadn't heard, the United States Government will be creating some $200 billion (just to start with) to "lend" banks to cover worthless loans.
We send bankers and company executives to prison for fraud when they do this.
And as a bonus, it looks as though we might get the 401(k) Tax Forgiveness Act of 2012 a little bit ahead of schedule.
I thought it was just mad stupidity, but even an idiot child can see that it's intentional now.
I suppose we'll be hearing some of those old hits from President Nixon's dollar destruction speech of 1971. From the days of $35 gold, $6000 Cadillacs, and $25,000 average houses.
An 890 Dow Jones, too. Yes, your money has lost 90% of its value since 1971.
And I suspect that this sort of event is happening in D. C. right now:
President Nixon expressed grave concern that if he gave his speech during prime time on Sunday, he would preempt the tremendously popular television series Bonanza, thus potentially alienating those addicted to the adventures of the Cartwright family on the Ponderosa ranch. But his advisors convinced him that the speech had to be given before the markets opened on Monday morning, and that meant prime time. A few of the advisors would recollect that more time was spent discussing the timing of the speech than how the economic program would work. Indeed, there was virtually no discussion of what would happen after the initial 90-day freeze or how the new system would be terminated.
Wednesday, March 12, 2008
It's now Federal Reserve policy to destroy the currency...
Posted by staghounds at 9:11 AM