If you didn’t know what “quantitative easing” was when you woke up Wednesday, you probably will soon multiple sources are reporting.
Federal Reserve bankers came out of their two-day Federal Open Market Committee meeting this afternoon with some blockbuster, if not wholly unexpected, news: the Fed will purchase about $600 billion more in long-term Treasuries by the end of the second quarter of 2011 in an effort to further prop up the U.S. economy. The Fed will also continue its existing policy of reinvesting principal payments from its current securities holdings. (See rest of story at http://www.foxbusiness.com/markets/2010/11/03/fed-leaves-rates-unchanged-buy-b-treasuries/?test=latestnews#content)
Of course, this will be the second go-round for quantitative easing – a fancy way of saying the Fed is going to print more money – and questions abound. Namely, is it needed and will it work?
Please contact your house and senate representatives and tell them to stop this absurdity of printing 600 billion dollars (borrowed at interest) and buying worthless bonds which will be the last straw for our money! This must be stopped or our dollar will drop at least 20% if not more next year! Get ready for $12 loaves of bread.
How will they explain this to their constituents? The liberal progressives of this country have been planning this for quite some time I’m sure.
IT WILL DESTROY OUR COUNTRY FOREVER!
A little history lesson for you all:
In 1913, when the Federal Reserve was created with the duty of preserving the dollar, one 20-dollar bill could buy one 20-dollar gold piece. Today, fifty 20-dollar bills are needed to buy one 20-dollar gold piece. Under the Fed’s custody, the U.S. dollar has lost 98 percent of its value. The dollar is the storehouse of our wealth. Has the Fed faithfully safeguarded that storehouse? Was it not Thomas Jefferson who taught us, “In questions of power let us hear no more of trust in men, but bind them down from mischief with the chains of the Constitution“?
In FY2010, the Treasury Department spent $414 Billion of your money on interest payments to the holders of the National Debt. Compare that to NASA at $19 Billion, Education at $93 Billion, and Department of Transportation at $78 Billion.
This is a great example of why a private company cannot be trusted with our nation’s monetary policy. If you have been struggling financially these past 2 years the devaluation this print job will cause is going to hurt you extra bad. We owe it to our children and our neighbor’s children to learn about what 100 years under a fiat money system has really done to our national wealth. Look to Ron Paul for an honest education on monetary policy (http://www.campaignforliberty.com/).
So, does ‘stop the government’ waste mean anything to our representatives? Activists across the country sent a strong message to Washington on November 2. Now we need to be sure they know we are still watching them and we will continue to do so until our country is fixed and we have returned to the constitutional republic we once were and are destined to be.
Will you contact your rep and tell them this is ridiculous? I know I can count on you to stand strong until the end. I urge you all to locate your house and senate reps in Washington and tell them, “Stop printing money!” Can you imagine what our future will be like if this occurs? It certainly won’t be a very bright one!
To find contact information for your reps please check out the following website: https://writerep.house.gov/writerep/welcome.shtml