One Group of People Are THRILLED That the Idiots In Washington DC Are Having Their Bogus “Debt and Deficits” Debates….The Federal Reserve Flunkies Who Were Hiding Out In Jackson Hole, Wyoming This Past Week…Especially With the Disastrous GDP Numbers Being Released Last Week – Yes, the Bogus Quantitative Easing = “Money Printing” Operations of the Fed Over the Past Ten Months Has Been A MASSIVE FAILURE! – Oh, They Did Drive Up Commodity Prices On Things Americans MUST Buy In Their Every Day Lives So Give the Federal Reserve Credit For Sticking-It-To the American People and Reducing Consumer Spending and Thus “Wa-La” the Pitiful GDP Numbers! – The Fed Has $1.6 Trillion Dollars of US Treasury Securities On Its Balance Sheet – Do The American People Owe the Fed $1.6 Trillion Dollars? – Please, That Is Beyond Stupid and That $1.6 Trillion Dollars That Were Bought By the Fed Creating Money From Thin Air Should Be Cancelled…and Cancelled Right Now! – Yes, These Are Very Stupid People!
If there was one group of people that were thrilled this past week that the focus of the nation was on the entirely Bogus “debt and deficits” debate in Washington DC (Bogus because neither the Republicans or Democrats are every going to cut ONE DIME of Federal Government spending and they WILL take down the country in the process….it is only a matter of time) are the Ivy League flunkies and various other hangers-on at the Federal Reserve System that were holding some very quiet meetings in Jackson Hole, Wyoming only because they did not want to call attention the Incredible Failure of their “money Quantitative Easing a.k.a. “money-printing” policies over the past year.
The Gross Domestic Product (GDP) report on Friday….
“The economic recovery is grinding to a halt, raising the risk that the U.S. could fall back into recession and tightening the screws on Washington to resolve a debt-ceiling debate that threatens to inflict further damage on a fragile economy.
Gross domestic product—the sum of goods and services produced in the U.S. and the broadest tally of economic growth—increased at a paltry 1.3% annual rate in the second quarter, the Commerce Department said Friday. First-quarter revisions—down to 0.4% from 1.9%—reflected an economy at a near-standstill early in the year.
That minimal growth, coming after a recession that new data show was deeper than previously thought, raises doubts about the economy’s trajectory for the rest of the year and helps explain the unusually feeble pace of job growth for a recovery entering its third year. Economists generally say a pace of 3% or higher is needed to create jobs.”
…only confirmed what the vast majority of Americans knew months ago, namely that the US Economy has never really come out of the Great Recession that began in 2007 when the Federal Reserve boys and girls were asleep at the switch while a Massive Real Estate Bubble had been created that they had no idea was going on…..
….and that the Fed’s policies of buying up lots of US Treasury debt in order to “stimulate” the economy over the past 10 months actually did the….
EXACT DAMN OPPOSITE!
….by driving up the prices of thousands of things that Americans have to buy every day of their lives and thus putting a crimp on consumer spending and American households.
Yes, these are some “Real Men of Genius” at the Federal Reserve…
…but remember many of them have one or more degrees from Ivy League schools and if there isn’t a better test to know or not if you are talking to a Moron or not the question of: “Do you have a degree from an Ivy League school” (Answer of “Yes” means you are most definitely talking to a Moron that more than likely has never done an honest day’s work in his life) is the best Moron determining factor we know of!
The Federal Reserve’s “Real Men and Women of Genius” move to try and stimulate the economy with US Treasury bond buying is just another example of over-educated Idiots sitting “On-High” above the rest of us “unwashed masses” thinking that it is they and they alone that can come up with ideas to “create” jobs in the private sector when the average 3 rd grader in America understands implicitly that the only thing that “creates” REAL jobs in the REAL economy is an individual or group of people coming together to put capital at risk in a money-making venture is the ONLY thing that creates REAL jobs in America.
We get a great laugh out of politicians in Washington DC talking about coming up with some kind of “jobs plan” or “jobs bill” to create jobs to help out the millions of unemployed Americans in our country today and the reason we get a laugh out of such nonsense is because the US Federal Government is the Biggest Job Killing Machine that has ever graced Planet Earth….BAR NONE!
If one combines the Job Killing Machine that is the out-of-control US Federal Government with other Big Job Killers like the state government in the Broken State of California then one has a real recipe for disaster and that is why the California unemployment rate is now 11.7 PERCENT and
2.5 Percent Higher
…than the rest of the country and…
3.5 Percent Higher
…than the Job Creating Machine that is the Great State of Texas.
In November of 2010 the Lead “Real Man of Genius” at the Federal Reserve, Uncle Ben Bernanke, took to the editorial pages of the Washington Post to explain what the Fed’s “Quantitative Easing” program to buy $600 Billion Dollars of bonds was all about and it is mighty entertaining reading 10 months later!
“Today, most measures of underlying inflation are running somewhat below 2 percent, or a bit lower than the rate most Fed policymakers see as being most consistent with healthy economic growth in the long run. Although low inflation is generally good, inflation that is too low can pose risks to the economy – especially when the economy is struggling. In the most extreme case, very low inflation can morph into deflation (falling prices and wages), which can contribute to long periods of economic stagnation.
Even absent such risks, low and falling inflation indicate that the economy has considerable spare capacity, implying that there is scope for monetary policy to support further gains in employment without risking economic overheating. The FOMC decided this week that, with unemployment high and inflation very low, further support to the economy is needed. With short-term interest rates already about as low as they can go, the FOMC agreed to deliver that support by purchasing additional longer-term securities, as it did in 2008 and 2009. The FOMC intends to buy an additional $600 billion of longer-term Treasury securities by mid-2011 and will continue to reinvest repayments of principal on its holdings of securities, as it has been doing since August.”
Low inflation? Maybe Uncle Ben Bernanke can check-in with the American People from that Ivory Tower he and his buddies at the Fed live in about the REAL inflation that was created by the Fed’s Bogus Quantitative Easing program, but then why would we expect people that have worked in academics or for the government their entire lives in six-figure salary jobs have any clue to what is going on in the REAL WORLD? Damn good and very relevant question because people that have never lived a day of their lives in the REAL world can do great damage when their Ivory Tower BS gets loose on hard-working Americans.
Why don’t we just go Joe Friday on Uncle Ben Bernanke’s Bullshit and see just what kind of living Hell he and his Fed buddies have put the American People through with their Bogus US Treasury bond buying program which did nothing but drive up prices of things that Americans MUST buy every day of their lives and thus killed consumer spending and economic growth as PROVEN by the just released GDP numbers for the first six months of 2011.
Just the Facts on Commodity Prices – Note the price of the commodity from the middle of November 2010 until around June of this year when the Fed confirmed that they were not going to do another round of Quantitative Easing (Thanks to Finviz.com for their great graphs and great website!):
The above items directly affect everything that Americans MUST buy every day of their lives and the price of Crude Oil going up over 40 PERCENT since the Bernanke’s Bogus Quantitative Easing Program began is nothing less than a Massive Tax Hike on hard-working Americans!
Of course, the above commodity prices went up because the Fed’s Quantitative Easing and out-of-control “money printing” drove down the value of the US Dollar:
Oh, but there is one way to protect yourself against the onslaught from the Federal Reserve on the American People and that is by owning things that the Fed cannot control like….
Oh, it must just drive Uncle Ben Bernanke and his buddies at the Fed CRAZY that the price of Gold and other precious metals keep going UP, UP, UP which only confirms that all of that out-of-control money printing and spending by the US Government has done nothing more than drive down the purchasing power of the US Dollar for the American People and thus destroy their wealth through what is now hidden and often not-reported REAL inflation that is decimating hard-working Americans and especially the poor.
Yes, as confirmed by the GDP numbers released last week the Federal Reserve’s Bogus Quantitative Easing or purchasing of US Treasury Securities in the open market has been a MASSIVE FAILURE and actually did nothing more than hurt hard-working Americans by driving up commodity prices on things Americans MUST buy every day of their lives.
Yes, theses boys and the girls as the Fed are no different than the Wacko Liberal Nuts that decided a decade ago that they would force the banks and Fannie Mae and Freddie Mac to lower their mortgage underwriting standards so more Americans could buy homes. All the Fed did through its Bogus Quantitative Easing and the Wacko Liberal Nuts did through their forcing the banks to lend mortgage money to anyone and everyone with pulse is hurt average Americans that are now paying higher prices for things they MUST buy and are in homes that are worth less than they paid for them.
Yes, these are some Very Stupid People!
Yes, the last decade or so truly has been the Age of the Morons in America with over-educated Idiots thinking they could sit in rooms and move certain levers around and create jobs and/or wealth when in fact these over-educated Morons are at the forefront of the destruction of the American Republic and the bankrupting of its People.
One interesting thing about the Federal Reserve and its Bogus Quantitative Easing Program of buying US Treasuries is that the Fed now holds on its balance sheet….
$1.64 Trillion Dollars of US Treasury Securities
We have a question here at Mad As Hell And…:
Do the American People own the Federal Reserve $1.64 Trillion Dollars, because that $1.64 Trillion Dollar is counted against the $14.4 Trillion Dollars in outstanding Federal debt? After all the US Dollar is the American People’s currency….right? Certainly none of the academic Candy Asses at the Fed would ever be able to defend the American Republic if we ever got into another real shooting war that required all able-bodied men so certainly there is no one at the Fed (or on Wall Street for that matter) that would have the Guts to stand up and fight for this country so the US Dollar is the American People’s money and all the Fed did was print-up and create from thin air $1.6 Trillion Dollars to buy up these US Treasury securities…right? Yes, that is right.
The FACTS are that the Federal Reserve did was create money from thin air with the special little money-printing computers and then purchase US Treasury Securities from primary dealers that had bought them only months or weeks before and then they transferred those securities to the Fed balance sheet.
The US Treasury certainly acts like the US Government “owes” the Federal Reserve that $1.4 Trillion Dollars because each month the US Treasury, that would be you, me and the rest of the American People send over to the Federal Reserve several Billion Dollars which the Fed’s says are its’ “profits?”
While we have been asking the very important question of if the American People actually owe the Federal Reserve $1.6 Trillion Dollars that are now on its’ books, Congressman Ron Paul actually recommended this past week that (From ZeroHedge.com)…
“It isn’t too late to return to fiscal sanity. We could start by canceling out the debt held by the Federal Reserve, which would clear $1.6 trillion under the debt ceiling.”
Yes, that makes Perfect Damn Sense Ron Paul to have the Federal Reserve cancel out that $1.6 Trillion Dollars in US Treasury Securities that they are now holding because it is BEYOND STUPID for the US Treasury and thus the American People to send Tens of Billions of Dollars of interest payments on that debt to the Fed each year when the Fed does nothing more than call that its’ “profits” and send “most” of it back to the US Treasury.
If the above sounds like a Very Big Ponzi Scheme with the US Federal Reserve Bank creating money out of thin air to buy US Treasury Securities ($1.6 Trillion Dollars to date) then YOU WOULD BE RIGHT!
How about let’s quit playing the Very Stupid game that the US Treasury and thus the American People owe the Federal Reserve $1.6 Trillion Dollars because the Federal Reserve did not go out and earn the money to purchase that Treasury debt and thus the Fed holding all that debt and the Government paying interest on the debt is Stupid at best or a Bogus accounting trick at worst that is warping the US bond market and making Fools of anyone that believes any of the Absolute Nonsense that is spouted by Uncle Ben and his Ivory Tower buddies at the Fed.
It’s PAST Time to Stop the Madness!
Is there anyone besides Ron Paul in Washington DC that can stand-up and say the obvious that we should cancel the US Treasury debt held by the Fed which alone would lower the US Public Debt by $1.6 Trillion Dollars which makes the current raising of the debt ceiling debate would Very Stupid Indeed!
Oh, cancelling that $1.6 Trillion Dollars in US Treasury debt would raise the curtain on how Bogus the idea of the Fed doing Quantitative Easing really is and that the US Government with the cooperation of the Fed has been doing nothing more than running a Big Ponzi Scheme with one branch of government buying debt from the other?
Yes that is right and that kind of BS would get ALL of us out in the Real World thrown in jail but in the Wacko world of the political, media and Wall Street elite that is cause for celebration!
Yes, these are Very Stupid People!