“Panic dollar selling is setting in,” Gartman, a hedge fund manager and author of “The Gartman Letter,” wrote in his daily commentary. “This may carry farther than any of us dream of or, worse, have nightmares of.”
The dollar is cratering, and the deliberate policies of the Fed and Obama are a major reason. The banksters profit mightily from microscopic Federal Reserve interest rates, as they borrow cheap, reinvesting in government securities and get a guaranteed, no-brainer return. As for the national debt, why the banksters make huge profits from that too. That this hurts the rest of the country is of no concern to them.
The Fed, Obama (and George Bush before him) have done their best to insure that as much money as possible is siphoned from lower and middle classes to the already wealthy. This has nothing to do with Republican vs. Democrat because, with few exceptions, both parties are equally complicit with this theft. That’s what too many liberal and progressive blogs fail to get, probably because they’re too busy self-righteously screaming at Republicans.
This is hardly just the Republican’s fault. Obama is up to his eyeballs in this too. After all, he appointed Geithner, Summers, and other architects of the financial collapse to clean up the mess they made. How’s that going, you ask? It’s been just fine – for them and their class, that is. As for the rest of us, not so good. Unemployment and foreclosures are high and inflation is coming.
China is now making serious noises about selling much of their US debt, something which would force our cost of borrowing up, with catastrophic effects. So, the dollar is crumbling, inflation is coming, and the Fed and Obama are doing much to help Wall Street and nothing to help Main Street.
What this country needs is a good old-fashioned, all-American, populist revolt.