Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By Josey Wales (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Gold Has No Ceiling, QE3 Will Make The Rich Wealther, The Poor, Poorer And Destroy The Dollar Video

% of readers think this story is Fact. Add your two cents.



Economist Schiff: QE3 Is ‘Kamikaze’ Monetary Policy for the Dollar

The Federal Reserve’s latest stimulus effort will drive the dollar “through the floor,” Peter Schiff, CEO of Euro Pacific Capital, told CNBC.

“This is a disastrous monetary policy; it’s kamikaze monetary policy,” Schiff told CNBC “The dollar index is going to go down to 40, it might even go to 20 – I mean this is going to be in free fall at some point … ultimately there’s going to be a currency crisis.”

There is no ceiling on the gold market, QE3 is open ended, there is no timeline for the Fed to stop printing money. QE3 to infinity by Bernanke’s own words.

The mainstream media is hailing QE3 as a great victory for the U.S. economy.  On nearly every news broadcast, the “talking heads” are declaring that Ben Bernanke’s decision to pump 40 billion dollars a month into our financial system is definitely going to help solve our economic problems.  The money for QE3 is being created out of thin air and this round of quantitative easing is going to be “open-ended” which means that the Federal Reserve is going to keep doing it for as long as they feel like it.  But is this really good for the average American on the street?  No way.  Despite two previous rounds of quantitative easing, median household income has still fallen for four years in a row, the employment rate has not bounced back since the end of the last recession, and new home sales have remained near record lows.  So what have the previous rounds of quantitative easing accomplished?  Well, they have driven up the prices of financial assets.  Those that own stocks have done very well the past couple of years.  So who owns stocks?  The wealthy do.  In fact, 82 percent of all individually held stocks are owned by the wealthiest 5 percent of all Americans.  Those that have invested in commodities have also done very nicely in recent years.  We have seen gold, silver, oil and agricultural commodities all do very well.  But that also means that average Americans are paying more for basic necessities such as food and gasoline.  So the first two rounds of quantitative easing made the wealthy even wealthier while causing living standards to fall for all the rest of us

We were told that the whole idea behind quantitative easing was that it was supposed to get banks lending again, but this has not happened.  Instead, banks are sitting on unprecedented amounts of money.  Just look at how the first two rounds of quantitative easing have caused excess reserves being held by banks to explode from close to zero to over 1.5 trillion dollars….

  The Fed gave the QE-addicted markets another dose of its stimulus drug today as it announced another securities purchase program. The Fed launched an open-ended program to buy $40 billion in mortgage backed securities each month, a program that will continue until the labor market improves. The Fed also committed to record low interest rates even after the economy strengthens. To what end will the Fed pursue this accommodative stance? In response to this action gold climbed to a six month high. Marc Faber, Gloom Boom and Doom publisher, has said that he will not sell any of his gold as long as people like Ben Bernanke are running the world’s central banks. We ask Dr.Faber about his near term outlook for gold, and what he thinks of Ben Bernanke’s monetary policy.

   Also, an editorial from Xinhua, the official Chinese news agency, warns that massive spending to boost China’s economy could be detrimental. How does this effect China’s growth or slow down? We ask Marc Faber, founder of Marc Faber limited and author of the book “Tomorrow’s Gold,” about likelihood of a contraction in China and other Asian economies.

Source: Michael Snyder, Contributing Writer

The following are 10 shocking quotes about what QE3 is going to do to America….

#10 Credit Rating Agency Egan-Jones

“[T]he FED’s QE3 will stoke the stock market and commodity prices, but in our opinion will hurt the US economy and, by extension, credit quality. Issuing additional currency and depressing interest rates via the purchasing of MBS does little to raise the real GDP of the US, but does reduce the value of the dollar (because of the increase in money supply), and in turn increase the cost of commodities (see the recent rise in the prices of energy, gold, and other commodities). The increased cost of commodities will pressure profitability of businesses, and increase the costs of consumers thereby reducing consumer purchasing power. Hence, in our opinion QE3 will be detrimental to credit quality for the US….”

We have reached a major turning point in the financial history of the United States.

It would be hard to overstate how much damage that QE3 could potentially do to our financial system.  If the rest of the world decides at some point that they no longer have confidence in our dollars and our debt then we are finished.

Sadly, the mainstream media does not seem to understand this, and most Americans gleefully believe whatever the mainstream media tells them.

So what do you think about QE3?  Please feel free to post a comment with your opinion following this article….

#9 Federal Reserve Chairman Ben Bernanke

“I want to be clear — While I think we can make a meaningful and significant contribution to reducing this problem, we can’t solve it. We don’t have tools that are strong enough to solve the unemployment problem”

Read More At: http://endoftheamericandream.com/archives/10-shocking-quotes-about-what-qe3-is-going-to-do-to-america?utm_source=rss&utm_medium=rss&utm_campaign=10-shocking-quotes-about-what-qe3-is-going-to-do-to-america



Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse
Loading...

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    Total 2 comments
    • Pix

      The dollar is already dead, that is why the federal reserve now has no option other than to keep printing dollars into infinity. The upshot of the petro dollar and not sticking to a gold based currency because you’re greedy, warmongering, two faced, backstabbing, arseholes.

    • faro0485

      Gold is not going to make anyone richer, because you do not want to exchange gold for dollars once the printing presses go hyper.

      Gold, silver, rice, wheat, barley, dates, and other such items that last and have value in the money and do not depreciate in value.

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.