Wednesday, September 19, 2012

The demise of the U.S. dollar is the greatest fraud in history

Canada Free Press 09.19.2012
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” That is my belief as well.

The actions of Ben Bernanke, the Federal Reserve, the Obama administration, with the blessings of nearly every elected and appointed official just sealed the demise of the U.S. dollar by launching an indefinite round of creating digital money, backed by nothing, for the purpose of buying our own debt. Doing so ultimately makes our paper money worth less and soon to be worthless. In other words, it will take more money to buy food, gas, clothes, school supplies and pay for all goods and services.

Everyone with U.S. dollars in pension plans, savings and retirement accounts are about to lose much, if not all of their savings. Why? Because by creating more digital money from nothing will significantly devalue the dollar to the extent that it will take more and more of them to pay for the same goods and services yesterday, last week, last month and last year. We are witnessing a state sanctioned Ponzi scheme that is nearing its end, as the process will ultimately collapse upon itself. It is now a mathematical certainty.

I must be clear that this is not a Republican-Democrat issue as both sides of the political divide are equally responsible for our coming demise. Furthermore, the financial fraud did not begin with Obama, but was accelerated by his policies and every elected official who has remained silent, regardless of their political affiliation. Nonetheless, the biggest benefactors in the short term, meaning until or after the November 2012 U.S. elections, are the incumbent politicians, including but not limited to Obama.

Wait, you might ask, isn’t this latest action simply an extension of our monetary policy that’s been employed for the last few years? The answer is not really. Fed actions such as QE1 and QE2 (creating money from nothing parts 1 and 2) were at least limited in scope. They had time and dollar limits. Bernanke’s latest action is basically telling the public, without really telling us, that nothing more can be done for the patient that is the American economy. We are out of options.

Story here