Intervention Is Prolonging Economic Problems For Years

April 10 2010

Banks only saved themselves not the economy, Greece singled out in the credit default crisis, the plan for a deflationary depression, every nation is in trouble, Greece now in a situation to default, banks continue to mislead, the floodgates open for lobbyists and special interests, lending costs climb, net neutrality suffers by a court ruling, Internet downgraded by court ruling

We have seen the Fed and the US Treasury execute policy that has served to bail out the financial industry that created the conditions that have persisted for more than 2-1/2 years. During that period Wall Street, banking and insurance may have been saved, but nothing has been done to solve the problems of the economy. What has been done has only complicated the problems. That has been the injection of money and credit in the trillions of dollars and the manipulation of markets. Throwing money at the problem does not solve it. As a result of this profligacy, saving financial firms and heaping unpayable debt on American citizens, the Fed has in that endeavor managed to destroy the US dollar. The situation is subtle but nevertheless in process and has been for more than seven years. As Ludwig von Mises said almost 100 years ago, “debauch the currency – engages all the hidden forces of economic law on the side of destruction.â€