Quantitative Easing: The Fleecing Of America – OpEd
2008 QE1: It did not work to improve the economy, but Wall Street got richer.
2009 QE1 Extension: The same results as QE1.
2010 QE2: Again Wall Street got richer, but not Main Street or the Middle Class.
2011 “Operation Twist:” The only thing twisting was the Middle Class at the end of Mr. Bernanke’s inflationary noose.*
When you do the same thing over and over again and it does not result in achieving the result you intend (at least profess to intend), then you are either insane or complicit. Moreover, after implementing the same policy four times without results, and then do the same thing again — this is not a failure of omission, but of commission. I am told that Mr. Bernanke is not insane. Therefore, he is complicit, and should be held accountable for his deeds.
The views expressed are the author’s own.
* It should be noted that the 2% inflation figure the government reports is baloney – unless of course you don’t need to buy food, gasoline, or insurance.
2 thoughts on “Quantitative Easing: The Fleecing Of America – OpEd”
I use the term “fictitious capital” to describe what the Big Bankers, public and private, are attempting to inflict on the ordinary 99% people who through their entrepreneur led labour create ALL REAL value, capital included.
In the middle of the 19th century Karl Marx coined this term to describe the notes and loans that governments and gentry used to finance wars, luxuries, estates and otherwise living beyond their REAL means.
At that time such paper would accrue during “Boom” times as the economy expanded and would usually max out at around 10-12% of a countries GDP. As long as the good times rolled on it was not a problem, but came a crisis of over production (of all the wrong things) there would be the day of reconing. Ergo, the bill collectors came and cash not paper promises was the order of the day. This resulted in a variety of ways to settle, some were paid in part or in full but more often bankruptcies and swindles resulted. Then the stage was set for the next cycle – boom bust.
Today though the situation with ‘ficticious’ or ‘counterfeit capital is vastly different.
100 years of pumped up growth for growths sake first based on the now discredited ideas of John Maynard Keynes has produced a situation where some 20 times the worlds gross product exists as ficticious capital, a counterfeit collection of deficits, bills, bonds, exchanges, derivatives, swaps and the latest fraud, “quantitive easing”. (Le Monde Diplomatique puts it at 50 times)
Every day we read of new Central and Private bank meetings, “Increasing capital base” is their current fad.
OFF THE WALL! There is not a farthing of REAL capital in all of this ratbag of lies, swindles and manipulations.
REAL capital is ONLY accumulated labour dedicated to enhancing future production. Ergo entrepreneur led LABOUR (of the 99%) is the only source that can augment existing capital or create new.
The banksters, led by the IMF, USA FED, and British “financial services” are well aware of this fact but that will not stop them from attempting to download this fraud onto the REAL product of Labour in the form of “bailouts” of “sovereign” debts, to be serviced by taxes on the REAL producers.
The 99% will be robbed of (much prepaid) social services and benefits to sevice “debts”. Austerity it is called when those who had NO hand in running up this fraud are required to pay interest that will amount to 40-60% of the future product of their labour. Gone will be pensions, good schools, decent medical care, infrastructure (e.g. utilities that work reliably); even adequate diets will be history.
“Let them eat cake!” exclaimed La Royale Marie Antoinette.
Let them eat garbage, implies La Grande Dame Christine LaGarde, of the International Monetary fascists(IMF)
So Greece, you are the front line today, Italy and Spain may be next, but do not think that any country, including the relatively well off Germany or the resource rich Canada and Australia will be forever exempt. Ms Merkel, beware!
The “poor little ones” are but appetisers who will whet the appetites of these financial service vultures and jackals. For certain if they succeed at the start the taste of financial carrion will make them hunger for more, and they will finish only when the 99% of humanity is subject as debtors to enslavement by 1%.
Policies of QE will be effective, when deleveraging of debt by masses completed.