This is from Karl Denninger. He co-founded the Tea Party specifically in opposition to the theft of taxpayer money to bail out failed companies and recently blasted its current incarnation as being about “the usual pablum. Guns, gays, God” and not about the economic crisis.
The Tea Party was initiated as a political protest against the unlawful and in fact unconstitutional usurpation of power from the Congress and The People in the form of extortion-led bailouts of enterprises that had engaged in acts that I, and many others, believe were at least civilly actionable and in many cases crossed the line into criminal activity.
Many of those brought on or kept on by the Obama Administration to get us out of the economic crisis are precisely the same people who created it. Worse, it’s obvious that massive fraud and criminality were rampant but the government still has made no criminal indictments, which is appalling.
I thought the Bernanke bunch’s intention was to get the dollar down to give a boost to American exports and so help American manufacturers, so he seems to be on course. That is if you support American manufacturers being able to export to the world to the detriment of the other countries own manufacturing industries, it is all about cutting each others throat.
Well, it seems we’re getting inflation, not deflation. The actions of the Fed, Geithner, Summers, and Paulson do indeed at times seems to approach criminality.
BTW, this new bout of Quantitative Easing will buy $60 bn of bonds. Much of that money will go into the stock market and thus help Wall Street but not Main Street.
China is complaining that America’s “quantitative easing” is back door devaluation of the dollar and they don’t like what the Americans are doing. America has been trying to get China to raise the value of its currency, in the absence of any success there, they are devaluing the dollar, and so it goes on, all to do with large corporations getting a bigger slice of the world’s cake and nothing to do with the well being of the people on the planet, we don’t count. There is a better way to organise our affairs, I’m sure we have the imagination to come up with a fairer and more just system than what we have at the moment. However, corporatism rules, until that is ended we will continue to suffer under this insanity.