In his Congressional testimony last week in Washington, Fed Chairman Ben Bernanke took time to downplay the significance of the few dissenting voices on the Fed's Open Market Committee (FOMC). Those statements, combined with an even more dovish statement by Fed Vice Chairman Janet Yellen earlier this week, clearly reaffirm the Fed's indefinite commitment to $85 billion of monthly quantitative easing. (It is surprising that those figures failed to invoke the attention drawn by the $85 billion in annual cuts detailed in the "sequester"). But the stock markets have gotten the message loud and clear and are setting records on...
"Paper money" longer describes the case, since whatever it is that the central bankers manufacture is usually not paper and is certainly not money, which should be a store of value and a secure medium of exchange. Inflation is popular with politicians because it is the easiest way to expropriate accumulated savings from prudent workers in order to redistribute it to the welfare-for-vote mob. We taxpaying savers are slaves now, groaning under a socialist system. The Fed should be recognized for what it is: a pack of Simon Legrees who are working as overseers for the slave owners of DC.
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