QE3 was just announced. Do you think it will hurt the average American in the long run?
I really can't see where it will help those who need employment now.
I don't think it's good, not by any means, but Bernanke said it himself:
"Employment remains a grave concern. Weak job market should concern every American."
Getting people back to work is the key, without it, everything else is just a stop-gap. Right now you have 8% (I'm using the "official" numbers from the BLS, not the "real unemployment rate" that people claim is almost 25%) of the population paying $0 in Federal taxes.
Granted, I'm in Politics not Economics, but I don't see how the problem gets better until there are some drastic employment gains.
I think it will help the Americans in the long run because it will stimulate the economy.
I don't think it has much of anything to do with stimulating the economy or helping the average American. I think it has to do with maintaining the illusion of health on Wall Street, and giving people who sell securities for a living easy money to play with.
The economy is heavily financialzed now. A good chunk of GDP comes from this smoke and mirrors trading business, leaving the government with a problem--rein in Wall Street (like that is going to happen---not) and send us into another nose dive, or don't rein in Wall Street (this seems to be the most popular course of action at present) and wait for the next bubble/crash.
In both cases average Americans are in bad shape in the long run. But we're all so busy yelling at each other (after much media training) that no one really cares, leaving the bankers to get away with murder just a bit longer.
Wow, that sounded way more negative than I meant it.
Maybe I need a sandwich.
I think it will hurt 99% of Americans in the long run.
Everything the private Federal Reserve does is for their own selfish purposes, or the purposes of their owners -- the Rockefellers, Rothschilds and other Power Elites.
The actions of the Fed put a stranglehold on America when the Great Depression happened. Instead of easing the situation, the Fed's actions deepened the suffering and prolonged the depression far longer than it should have been. They could've helped America bounce back, but forcing America into such suffering made it easier for politicians to do some wicked things, like stealing everyone's gold.
The Fed makes those who know the cycles get richer from both the booms and the busts, wiping out more and more middle class, transferring their property to the Power Elite.
One of the major problems with the Fed is that it's private. If you don't think so, go to one of the regional Fed banks and look at the "private property" signs. Try to film on their property. You will be politely asked to leave their private property. It's not "federal" at all.
Another problem is that it's secret. What do they do with the hundreds of billions we give them each year in tax dollars -- directly from the IRS to the FRS -- from a government agency to a private bank with lots of secrets.
Another major problem is the fact that each dollar is created as a dollar of debt PLUS interest. So, if we were just starting out and the Fed created $1, you might owe the Fed $1.10 for that first dollar. How do you get the extra $0.10? The Fed has to create more debt. You can never pay it all off. You can never pay it off. Perpetual slavery to the bankers for a debt that can never be repaid.
Adding more zeroes to the balance sheet (effectively printing money) is inflationary if put into circulation. Those who get to use the money first (bankers) always come out on top.
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