Despite the fact that last week, when the world received news that the Federal Reserve would be rejecting sound economic sense (for the umpteenth time) and begin QE2 (or the second dose of Quantitative Easing) to stimulate the economy, it is great to know that the world is waking up to the disaster of Federal Reserve monetary policy. Japan, China, Germany, and a host of other leaders, and even critics within the Federal Reserve itself, are against the new injection of money into the economy - and rightly so!
In this latest video by Peter Schiff, he criticizes the Fed and humorously points out their only solution to crises: inflate a burst bubble by printing up more money and lowering interest rates. Schiff addresses the nonsense:
Didn't we just blow two bubbles? According to Ben Bernanke we now need a new stock market bubble to cure the recession caused by the housing bubble which was created because the Fed tried to cure the recession caused by the bursting of the previous stock market bubble. So is this it? Is this all they know? Serial bubble blowing forever creating bubbles?Because people within the Fed are distancing themselves from Ben Bernanke, I must say that the genius behind this new plan is looking lonely in his decision, and he is looking quite clueless. But the world isn't. The other good news is that concerns about inflation may bring a rise to new gold standard. This is a step in the right direction. Next, we Austrians hope, 100 percent reserve Banking.
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