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The Fed is Now 100% Committed to the Destruction of the US Dollar


By HousingBoom   Follow   Sun, 23 Dec 2012, 12:41pm PST   2,909 views   32 comments
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http://www.munknee.com/2012/12/peter-schiff-the-federal-reserve-is-now-100-committed-to-the-destruction-of-the-dollar/

Federal Reserve is 100% committed to the destruction of the dollar. Anyone with wealth in the U.S. dollar should be concerned that economic leadership is firmly in the hands of irresponsible bureaucrats who are committed to an ivory tower version of reality that bears no resemblance to the world as it really is. By upping the ante once again in its gamble to revive the lethargic economy through monetary action, the Federal Reserve’s Open Market Committee is now compelling the rest of us to buy into a game that we may not be able to afford.

marco   Tue, 25 Dec 2012, 8:03pm PST   Share   Quote   Permalink   Like (5)   Dislike     Comment 1

Well ... several days ago I got 2 notices in the mail. (Which would you believe?)

1. Notice from the Federal Gov. that social security will increase 1.7% (inflation adj.)

2. Notice from local electric utility that rates will increase 14%.

Would you believe the Ministry Of Truth and Central Planning (1.7%) ?

Or the check you now write every 30 days (14%) ?

Kevin   Tue, 25 Dec 2012, 10:11am PST   Share   Quote   Permalink   Like (3)   Dislike     Comment 2

Hey guys, peter Schiff is predicting imminent hyperinflation again. I'm sure this time he will be right. Tenth times the charm, after all!

Anytime someone compares the us yo Weimar Germany I laugh a little. Its like people only read half of their history books.

taxee   Tue, 25 Dec 2012, 12:18pm PST   Share   Quote   Permalink   Like (3)   Dislike     Comment 3

As long as they keep up the supply of food, entertainment and carbon they get to have hookers and blow.

Bubbabear   Sun, 23 Dec 2012, 1:02pm PST   Share   Quote   Permalink   Like (2)   Dislike     Comment 4

In November 1923, during Weimar Germany's hyperinflation, a loaf of bread cost 3,000,000,000 (3 billion) marks, however the German treasury printed 1,000,000,000 (1 billion) mark notes, so you would only(!) need 3 notes to pay for a loaf. If you had to pay with lower denomination, older notes you can imagine that, even with 1,000 mark notes, it would take more than a wheelbarrow to transport 3 million of them

http://theeconomiccollapseblog.com/archives/quantitative-easing-did-not-work-for-the-weimar-republic-either

Does anyone notice how much more expediently the express line at the grocery store ,devours a $100.00 bill more and more each day in a progressively short period of time ?

bmwman91   Tue, 25 Dec 2012, 8:21am PST   Share   Quote   Permalink   Like (2)   Dislike     Comment 5

The Professor says

The losers don't have enough sense to hate the game. They will hate the player.

IF it ever comes to that, you are correct. The masses will murder landlords and bank tellers, not the psychopathic miscreants that are truly responsible for all of the misery. It's a big IF that things will get to that point though. It does look like we are headed in that direction, but we don't seem to be going very fast and it is only on the horizon. Hopefully we don't get there, or somehow hit a situation where people turn their ire on those actually responsible for this mess and use the ballot box to do something about it. Hey, we can dream, right?

uomo_senza_nome   Tue, 25 Dec 2012, 10:07pm PST   Share   Quote   Permalink   Like (2)   Dislike     Comment 6

Think of what is Peter Schiff trying to sell. He's got most of his assets in gold, silver and mining stocks. Mining Stocks - have you been looking at how they've been doing lately? Of course he has got to pump it up and he's doing the best he can.

While I agree that the Fed is playing a high risk game, I do think they're not foolish to totally wreck the ship. The banking system depends on the dollar and why would the Fed destroy itself in the process?

ELC   Thu, 27 Dec 2012, 7:41pm PST   Share   Quote   Permalink   Like (2)   Dislike     Comment 7

The Professor says

I kinda like you guys. I see you as honest people that are able to game the system by the rules. The losers don't have enough sense to hate the game. They will hate the player.

IMO they deserve the pitchfork. Buying forclosures and short sales is dealing in tainted mechandise and being a part of the bank's army even if in reality you are just one of their fall guys. If you're a sensitive person just stand quietly in a vacant foreclosure. You can feel the hell the previous owner's family went through. It's like being in a haunted house or a house where there was a murder.

You're not helping sellers. You're a vulture. You're a bottom feeder licking the sweat off the balls of America.

Kevin   Fri, 28 Dec 2012, 5:52am PST   Share   Quote   Permalink   Like (2)   Dislike     Comment 8

Bread will never cost $4000 without massive wage inflation. There is zero risk of this happening in your lifetime.

Bubbabear   Tue, 25 Dec 2012, 10:56am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 9

Kevin says

Anytime someone compares the us yo Weimar Germany I laugh a little. Its like people only read half of their history books.

We're seeing prices rise substantially at the grocery stores.

The government is wasting literally trillions trying to raise housing prices. We know with all this money creation it has to go somewhere and it is going into the price of food.

I expect all this government effort to lift the housing market will come under some major scrutiny once grocery prices really get heated.

Bubbabear   Tue, 25 Dec 2012, 11:02am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 10

The Professor says

people that are able to game the system

Call it what it really is !!!

"DEMONIZE the system "

futuresmc   Tue, 25 Dec 2012, 12:28pm PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 11

bmwman91 says

IF it ever comes to that, you are correct. The masses will murder landlords and bank tellers, not the psychopathic miscreants that are truly responsible for all of the misery. It's a big IF that things will get to that point though. It does look like we are headed in that direction, but we don't seem to be going very fast and it is only on the horizon. Hopefully we don't get there, or somehow hit a situation where people turn their ire on those actually responsible for this mess and use the ballot box to do something about it. Hey, we can dream, right?

Agreed. However, there is a new flaw in the system that has never been there before, namely that so much of our economy is digital. While this may appear to benefit the parasites that control the game, all you need is a handful of skilled anarchists or patriots and the losses to the elites loose their ability to be calculated. The bank tellers and landlords will be the ones the media will try to pin it all on though.

woppa   Wed, 26 Dec 2012, 12:12am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 12

bmwman91 says

The Professor says

The losers don't have enough sense to hate the game. They will hate the player.

IF it ever comes to that, you are correct. The masses will murder landlords and bank tellers, not the psychopathic miscreants that are truly responsible for all of the misery. It's a big IF that things will get to that point though. It does look like we are headed in that direction, but we don't seem to be going very fast and it is only on the horizon. Hopefully we don't get there, or somehow hit a situation where people turn their ire on those actually responsible for this mess and use the ballot box to do something about it. Hey, we can dream, right?

The only means of voting we truly have is to vote with our wallets. Ballots are useless when you have a choice between a douche and a turd. The corporations who control every choice you make from the food you eat to the fossil fueled cars you drive to the mind numbing sports we watch on TV. Vote with your wallet is the only hope for change and I am afraid the masses are entirely too content with their pathetic little lives. Planets being used as a dumpster so corporations can pillage the average joe? I don't care, I have my Monday night football and my gas guzzling SUV, all my little tech gadgets that are made obsolete faster than I'm able to get any use out of them.

iwog   Wed, 26 Dec 2012, 2:39pm PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 13

mmmarvel says

I know I'll get hated for this but ... saw the movie Dark Knight Rises over the holiday. Couldn't help but feel like I was watching a exagerated version of what I'm seeing in my country. In the movie, the rich were scorned and punished, criminals were set loose, lies were told that the public ate up, just to get the public behind them - wow, did I ever see similarities.

Like this country eh? You think the rich are punished with people like Romney paying a lower tax rate than my secretary?

Speaking of lies the public eats up, explain exactly how YOU think the rich are being punished? How are they scorned? The only criminals I see let loose are millionaires on Wall Street and corporate raiders serving on corporate boards.

Here's what I think. Fox has created a fiction, you bought it, and now you view everything through bullshit glasses.

Gotta love a person who claims parallels without listing any parallels. Life in the alternate universe continues.

The Professor   Tue, 25 Dec 2012, 8:12am PST   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 14

Keynes said:
"By a continuing process of inflation, Governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some …. Those to whom the system brings windfalls …. become “profiteers” who are the object of the hatred …"

Sorry Roberto, Iwog, and your ilk. You are being set up as the fall guys, the ones to blame when the house of cards come falling down. As rents go up and wages stagnate or fall the masses get out the pitchforks and look for someone to blame. The landlord is the obvious target.

I kinda like you guys. I see you as honest people that are able to game the system by the rules. The losers don't have enough sense to hate the game. They will hate the player.

The Professor   Tue, 25 Dec 2012, 12:07pm PST   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 15

Kevin says

Hey guys, peter Schiff is predicting imminent hyperinflation again. I'm sure this time he will be right. Tenth times the charm, after all!

I know, how can Schiff keep underestimating the evilness of the overlords?

mmmarvel   Tue, 25 Dec 2012, 11:14pm PST   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 16

bmwman91 says

The masses will murder landlords and bank tellers, not the psychopathic miscreants that are truly responsible for all of the misery. It's a big IF that things will get to that point though. It does look like we are headed in that direction, but we don't seem to be going very fast and it is only on the horizon.

I know I'll get hated for this but ... saw the movie Dark Knight Rises over the holiday. Couldn't help but feel like I was watching a exagerated version of what I'm seeing in my country. In the movie, the rich were scorned and punished, criminals were set loose, lies were told that the public ate up, just to get the public behind them - wow, did I ever see similarities.

The Professor   Tue, 25 Dec 2012, 11:18pm PST   Share   Quote   Permalink   Like   Dislike     Comment 17

uomo_senza_nome says

The banking system depends on the dollar and why would the Fed destroy itself in the process?

That is the 14 trillion dollar question.

Meccos   Wed, 26 Dec 2012, 12:19am PST   Share   Quote   Permalink   Like   Dislike     Comment 18

The Professor says

Keynes said:

"By a continuing process of inflation, Governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some …. Those to whom the system brings windfalls …. become “profiteers” who are the object of the hatred …"

Sorry Roberto, Iwog, and your ilk. You are being set up as the fall guys, the ones to blame when the house of cards come falling down. As rents go up and wages stagnate or fall the masses get out the pitchforks and look for someone to blame. The landlord is the obvious target.

I kinda like you guys. I see you as honest people that are able to game the system by the rules. The losers don't have enough sense to hate the game. They will hate the player.

Finally making some sense. However you do realize your comment here directly contradicts what you have been saying before about blaming and accusing "the rich" as exploiters.

The Professor   Wed, 26 Dec 2012, 12:23am PST   Share   Quote   Permalink   Like   Dislike     Comment 19

Meccos says

Finally making some sense. However you do realize your comment here directly contradicts what you have been saying before about blaming and accusing "the rich" as exploiters.

Uber-rich

The Professor   Wed, 26 Dec 2012, 12:25am PST   Share   Quote   Permalink   Like   Dislike     Comment 20

The oligarchy allow some to rise to richness. They make the rules so confusing that everyone breaks them sometimes. They then have convenient scapegoats on tap for when they need someone to blame.

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