Article Image
News Link • Federal Reserve

Welcome to Banktopia: The Real Losers in Bernanke's Shell Game

• CounterPunch.org
 
Let's talk turkey. The dollar is getting hammered by the day. And the dollar is getting hammered by design, because the Fed wants a weaker currency to boost exports and lower the real burden of debt on the banks. (Yes, Martha, the banks are still insolvent) So, down goes the greenback, lower and lower, pushing up gas and food prices while the buying power of the average US worker vanishes down the plughole. And this process will continue for the foreseeable future because--as Obama stated earlier in the year--Washington is committed to "doubling exports in the next 5 years." Think about that: "the next 5 years". That's the same as saying that the American worker will be reduced to third-world poverty in a half decade or so. It's a death sentence. And none of this has anything to do with lowering unemployment or raising GDP. In fact, the revisions of first quarter GDP reveal the lies behind the policy. The first announcement from the Commerce Department put GDP at 3.2%. Remember that? Now we've slipped to 1.4% and some predict the final revision could actually show negative growth.

Join us on our Social Networks:

 

Share this page with your friends on your favorite social network:


Free Talk Live