Obama Defends Insane QE2 Takedown of Global Economy
(Infowars.com) -- by Kurt Nimmo --
In response to China and Russia complaining about the insanity that is QE2, Obama has defended the Federal Reserve. “U.S. President Barack Obama defended the Federal Reserve’s policy of printing dollars on Monday after China and Russia stepped up criticism ahead of this week’s Group of 20 meeting,” reports Reuters today. “I will say that the Fed’s mandate, my mandate, is to grow our economy. And that’s not just good for the United States, that’s good for the world as a whole,” Obama said during his extravagant trip to India.
Should we be surprised that Obama’s mandate is the same mandate of the international banksters that own the Federal Reserve and have pawned it off for nearly a century as an agency of the U.S. government? No, of course not. Barry Obama is a script-reader for the global elite. He will read anything that scrolls across his teleprompter.
As Michael Snyder of the Economic Collapse noted last week, many economists now believe that the Federal Reserve has crossed the Rubicon by announcing another wave of quantitative easing.
“Have we now reached a point where the Federal Reserve is simply going to fire up the printing presses and shower massive wads of cash into the financial system whenever the U.S. economy is not growing fast enough? If so, what does the mean for inflation, the stability of the world financial system and the future of the U.S. dollar?” writes Snyder.
It means the end of the dollar as the world’s reserve currency. It means another round of completely insane and suicidal debt ultimately owed to banksters.
According to the financial talking heads in the corporate media, printing money out of thin air and creating astronomical debt piled upon previously astronomical debt will stimulate the economy and get things working again. “The sad truth is that the Federal Reserve is not trying to build an economic recovery on solid financial principles. Rather, what the Federal Reserve envisions is an “economic recovery” based on new debt creation,” writes Snyder.
“If 1.8 trillion dollars didn’t work before, why does the Federal Reserve think that 900 billion dollars is going to work now? This new round of quantitative easing will create more inflation and will cause speculative asset bubbles, but it is not going to fix what is wrong with the economy.” In fact, it will make things worse, far worse, for the average citizen.
“Most Americans have absolutely no idea how fragile the world financial system is right now. Once the rest of the world loses faith in the U.S. dollar and in U.S. Treasuries this entire thing could completely unravel very quickly.”...MORE...LINK