Never trust a socialist
Most colleges and universities teach you in economics/political science classes that socialists are for the people, not big business.
They want you to think that the only way you can do good (you are for the people aren’t you?) is to be a democrat (which usually means a socialist or communist these days) or in the case of Senator Bernie Sanders (I-VT) – a socialist and a sell-out in addition!
Senator Sanders caved to pressure from the White House and Senator Chris Dodd to take the language with "big teeth" out of the Audit the Fed bill and water it down to an audit of only certain items in addition to making it just a one time audit.
If Dodd gave the ok on the bill, you know he had approval from the Fed that they could handle what was in the bill without too much damage.
This is a shame, since the American people need a real audit.
After all, the Fed had record profits last year of $52 billion.
How could they have the highest profits in 96 years when the economy is in the tank? Too bad none of that money goes to the American people.
Maybe our sold out senators just think the Fed isn’t all that bad.
Then again, maybe the convenient recent plunge in the stock market scared the senators into giving the Fed more of what they wanted.
In any case, Ben (Helicopter) Bernanke, our Fed chairman and expert on inflation, is no match for the Governor of the Reserve of Zimbabwe Gideon.
When he took over in 2003, inflation was 619 percent. By 2007 it was up to 4,500 percent.
In late 2008, inflation reached a level so high they could not even figure the rate.
Gono printed 1, 5, 10 and 100 billion dollar notes and the banks still ran out of cash.
People in Zimbabwe throw rocks at the Reserve Bank building.
Maybe the people trying to survive don’t appreciate Gono having a 47-bedroom palace with a swimming pool, gym and more just down the street from the Presidential palace of the communist President Mugabe.
As you see, socialists and communists always pretend to be "for the people," until they get in power. Gono says he had no choice, "To ensure that my people survive, I had to print money." Wrong. While we’re not in Zimbabwe yet, rating agencies are talking about lowering their rating on the U.S. dollar since we’re printing money also. We may well be headed for serious financial trouble.
Our debt ratios are almost as bad as those in Greece, Spain, Portugal, Italy, Ireland, etc. that we read about in the news, yet we still try to bail out Europe?
The bailout will likely not work, and only delay the probably collapse of the Euro.
With the actions our irresponsible Fed is taking, we may find ourselves in the same boat before we know it.
In Ireland, the police are now rounding up top bankers responsible the bank collapses in 2008.
Bernanke is called the foremost expert on the Great Depression.
He believes that the Federal Reserve was too tight with monetary policy, making matters worse.
His answer will be to create more money and save failing banks. Maybe the increases in the price of gold are forecasting a collapse of the dollar? After all, didn’t our politicians tell us in 2008 and 2009 that the bailouts were to "save lives and jobs?"
Didn’t some congressmen say they were threatened with martial law if they did not vote for the bailouts?
All Americans need to realize that if run-away inflation ever comes to America, it will not be by accident. Inflation is due to government policy. It is wanted. The fake financial reform proposed in congress will do nothing to solve our problems.
Only the re-introduction of Glass-Steagall Act, separating investing and banking, can bring some order to the financial system and end the run away derivatives explosion we are having.
Gono learned his economic theories from us. I hope we aren’t now copying him.
Even if we aren’t on the road to Zimbabwe, it seems like I’ve heard these excuses before. Never trust a socialist, wherever they are.