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02-08-2011, 12:19 AM #1
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Fed Money Printing to Cover Bank Theft Leading to Food Infla
Saturday, February 5, 2011
Hedge Fund Manager Bill Fleckenstein: Fed Money Printing to Cover Bank Theft Is Leading to Food Inflation Worldwide
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Video at the link:
Dylan Ratigan says that the Fed is printing money to cover enormous theft by the big banks, http://www.washingtonsblog.com/2010/11/ ... -bank.html and that money printing is leading to food inflation worldwide. http://www.washingtonsblog.com/2011/01/ ... -food.html (Bad weather and speculation on commodities are obviously also contributing to rising food prices).
Bill Fleckenstein largely agrees, telling Ratigan:
* Money printing correlates quite well to rise in commodity prices, but not precisely
* When you "print money out of thin air", you don't know where it will go
* Printing money turns the average person into a speculator (think Chinese farmers buying copper)
* 80% of money in countries like Egypt goes to buying food (and that's for the lucky ones who have jobs)
* 40% of political donations in the U.S. comes from giant banks ... so the banks own Washington
* The Fed won't ever face it's mistakes, and always just wants to print more money
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