Caught red handed killing the dollar

http://www.atimes.com/atimes/Global_Economy/IK08Dj01.html


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In a grotesquely similar light, in this week's "Really Weird Stuff (RWS)" category, Reuters reports, "Federal Reserve Board Governor Frederic Mishkin said that monetary policy is not responsible for creating financial crises."

Huh? I am stunned! Then what does cause a financial crisis? He doesn't actually say, as he tellingly refused to take questions about monetary policy from the audience, but he is insistent that "These crises that develop have nothing to do with 'monetary policy', but rather with financial innovation where markets sometimes make 'mistakes'."

I am so angry that I cannot type with my fingers, as my hands have clenched themselves into fists, and I am forced to hold a pencil between my teeth to hit the little keys. My reason is that he is both right and wrong. He is wrong about the Fed not being responsible for creating financial crises, as there would never be a financial crisis (the bust) without the banks first creating the money to create the boom.

So Mr Mishkin joins Alan Greenspan, running around saying, "It's not my fault! It's not my fault!", when the whole world spent all that time watching him and the Fed bludgeoning the dollar, then standing over the prostrate, bloody body of the dollar, holding the murder weapon in his hands! Not his fault? There is nobody else whose fault it could be!
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REALLY? Then how is it they're the only ones who can PRINT OUR MONEY? (Legally that is...and are doing so at an ever-accelerating rate)

He does make a decent point. Lot's of blame to go around.

But what do we expect when we are an exporter of raw goods and an importer of finished products? Even the Early American colonies realized that was a dead end street.

What do we expect when we have the costliest war in history, and it's all on borrowed/newly-printed money? The only war in history funded by tax cuts to the wealthy.

What do we expect when we give corporate pigs unfettered license to do as they will? Of course they'll stick their noses in the sloop bucket and not want to share.

www.moneyasdebt.net

for public notice ISN'T RESPONSIBLE for creating a financial crisis??!!!

Ask the Weimar Republic how well THAT worked out last time they tried that trick.