While Ben Bernanke’s announcement that the Federal Reserve will embark on an open ended scheme to purchase $40 billion in mortgage-backed securities each month has been touted by the establishment media as the beginning of “QE3″ it is in fact nothing less than another banker bailout in disguise. While many have rightly attacked the Fed’s policy of printing money as a band aid that does little to solve the economy in the long term, this new move isn’t even about that. The policy announced yesterday will merely see the Fed use taxpayer money to purchase more bad debt in the form of junk mortgage-backed derivative based securities that have been sold over and over again. This has nothing to do with getting the economy going again and will only serve as yet another huge wealth transfer from the middle class to the elite. While the fed claims the move will facilitate more lending it will do nothing of the sort. As the China Securities Journal reports today, “QE3 is not likely to result in more loans.”
Tag: economy
Too Much Government Debt Hurts the Economy … But Too Much Private Debt KILLS It Preface: We like to debunk myths held by both the left and the right. For example, we have repeatedly…
Consummate warmonger and perennial Senate fixture John McCain stepped out of the super-secret globalist Ambrosetti Forum in Italy the other day to take Obama to task for not killing more Muslims and Arabs and for…
[anyplayer:url=http://rt.com/files/news/palestine-protests-violence-economy-841/i676fd22a9bb34408ece09c9ff8892a1e_palestine2.dv.flv] Thousands of Palestinians clashed with police in protests over the economic stagnation caused by strict Israeli trade controls and a decline in Western aid. Officers fired tear gas and beat back protesters who had…
Police arrive in the Mall, London, before Queen Elizabeth II leaves Buckingham Palace, for the National Service of Thanksgiving to celebrate the Queen’s Diamond Jubilee at St Paul’s Cathedral in London.(AFP Photo / Anthony Devlin)…
China has announced a total of 8 trillion yuan (£800bn) of “stimulus projects” to try to boost confidence in an economy that appears to be cooling faster than expected. China’s export sector is suffering…
“The world is headed for the Great Depression, Greatest Depression,” Trends Research Institute Founder Gerald Celente tells Lew Rockwell, Tuesday. “This will be much worse than the 1930′s Depression. We’re in the global age, and it’s spreading…
The joint initiative by China and the Democratic People’s Republic of Korea to build two special economic zones has entered a “substantive stage”, the Ministry of Commerce said on Tuesday. The statement followed a series…
“Scare the hell out of the American people.” ~ Senator Arthur Vandenburg, 1947. “It is part of the general pattern of misguided policy that our country is now geared to an arms economy which was bred in an artificially induced psychosis of war hysteria and nurtured upon an incessant propaganda of fear. While such an economy may produce a sense of seeming prosperity for the moment, it rests on an illusionary foundation of complete unreliability and renders among our political leaders almost a greater fear of peace than is their fear of war. ~ General Douglas MacArthur, May 15, 1952.” At one point in my youth it became clear that the U.S. was a violent force in the world, probably as I watched the Vietnam war news on the local TV news. Later, it also became clear that its whole history is one of violence, at home and abroad. More recently I had naively hoped that as the U.S. Empire goes through its death throes, that it would quit the world peacefully.
Every time I am in China, I am struck with how kind, open, warm and helpful people are to me; especially as it is obvious that I am a foreigner, and many think, another American…