When the Government Wipes-out Your Money

SlowFacts

There is financial news from the Chairman of the United States Federal Reserve.  Ben Bernanke will spend 40 billion dollars each month until unemployment falls to 6 percent.  That is what he said, but unemployment won’t fall to that level because of the Feds actions and this is why.

Bernanke will dump 125$ per person into the money supply each month by printing money to buy government debt.  This is supposed to fool all of us into thinking we are so rich that we will buy things and boost the economy.  The problem is that we will have to pay back the loans, either our loans or the government’s loans.  A few years ago, we watched what happened when individuals spent money they didn’t have.  I have not forgotten what happened then.  We lost our jobs, then our cars, and then our houses.

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