Warm ‘Em Up
“PRINT MONEY MONEY, PRINT MONEY MONEY”
America’s employment situation is deteriorating and its income levels are receding …
In fact the U.S. Labor Department reported this week that initial claims for jobless benefits totaled 386,000 for the week ending June 9 – up 6,000 from the previous week. Meanwhile the number of long-term unemployed (i.e. those who have been out of a job for more than six months) currently stands at a staggering 5.4 million.
What’s the government’s answer to all this unemployment?
Further debasing our currency, apparently …
The Federal Reserve is contemplating a third round of quantitative easing (i.e. money printing) in response to sluggish employment situation – a policy Fed chairman Ben Bernanke could roll out as soon as next week. That has Wall Street excited, but its end result for taxpayers is likely to be “stagflationary.”
In other words, people who are finding it increasingly hard to try and rub a pair of nickels together are going to find those nickels decreasing in value.
Seriously … has our government learned nothing from its multi-trillion dollar spending, lending and money-printing bonanza over the last four years? Apparently not …