Guest Writings
12/05/04 Free Cash Again … as the Fed Continues to Buy Up Treasury Debt … Huge Deficits…

TMPress International Newswire

TMPress ™ – United News & Press Features ®

Free Cash Again … as the Fed Continues to Buy Up Treasury Debt … Huge Deficits

Free cash is everywhere as the U.S. Federal Reserve System continues to buy up Treasury debt to hold down U.S. interest rates below the rate of inflation. In fact, better yet, the Fed says it's going to work night and day to drive up the rate of inflation to make fiat dollars even freer. Americans, the Fed says, suffer from too little inflation. In fact, each week they have too much cash leftover as a result! They might not notice it, mind you, but when the Fed says it, it must be true, right?

Would central bankers lie? Long term of course, Voodoo Economics leads to a giant monetary inflation and the giant unemployment and social disorder problems that go with it. But for now Voodoo Economics is in and anyway Guru Greenspan's got the economy so trapped over a barrel he sees no other option. Just recently he told sleeping Congressional Committees `not to worry … foreign holders of U.S. debt now have so much US debt that there's no place for them to dump it – so they'll just have to lump it.' Grateful Congressmen and Senators quietly raised the federal statutory debt limit by almost another trillion. Not that it really matters; the U.S. government has almost as much off-balance sheet debt as on, and our largest creditors China and Japan!

Just like with the unaudited gold in Fort Knox, who really knows these days what the real figure is. Enron and MCI-WorldCom were novices. The partying continued on the Titanic right as the ship slammed into the iceberg that sunk her. For the record, from June 1 it will be legal for ordinary Chinese to buy and own gold bullion. Probably not a gold rush but nevertheless, 1.2 billion potential buyers … thus rejoining the global market.

Global investors are planning to take advantage of gold's current weakness to pick up cheap subsidized physical gold. The world's central banker's, lead by the Fed, have dumped gold for 20 years to subsidize and hold down its price to make it unattractive vs. fiat currencies. Now as billions of dollars are created out of thin air each week, a long-term dollar re-adjustment process is in its infancy. Gold selling by the Exchange Stabilization Funds to acquire subsidized gold is required as a hedge against the looming fiat currency crisis ahead.

As we keep printing up trillions of USD in borrowed money, what could possibly go wrong? Deliberate dollar devaluation … isn't it managed capitalism and Republican central planning grand – they have replaced the Democrats as the party of limitless spending and borrowing – the Democrats have taken over the old GOP role of fiscal conservatism and leaving to the states discretionary spending of federal dollars.

But what does this really have to do with lost jobs and debt … didn't Bush promise 4 million jobs would be created with his three-straight years of tax cuts? Instead we have lost 3 million … almost 2 million outsourced abroad, 2.8 million Americans have lost their health care and the supposed reduction of debt by $1 trillion USD has been replaced by Bush adding $1 trillion USD to the debt of our country. The U.S. Commerce and Labor Departments talk about 900,000 new jobs added since the past two quarters – but they are all low-paying service sector (part-time and full-time) positions, some even temporary – that my friends does not replace 2.5 million high-end high paying manufacturing and white collar sector jobs! And monthly we still will have been loosing a projected 300,000 manufacturing and high-end service/tech jobs by December 2004.

The President's campaign rhetoric calls these things challenges to our country and our people – well as many of even his centrist admirers were on the Republican-Democratic side of the aisle before 2001, there as many that are rather ready to dump him and his polices rather than see the Republicans lose control of the Congress or at least a 50/50 power-share of both houses. Indeed he is the President that has been MIA over the last three-years, directly responsible for a jobless spiraling downward position of the U.S. economy as a whole, not just Wall Street's up-and-down movements. Average Americans have tried to deal with Bush’s so-called challenges for three-years now … finding decent paying jobs, putting food on the table and trying to live from week to week … oh I forget we need to get that last $300 billion spent in Iraq and Afghanistan, before we can spend a dime here on our own citizenry! – By John Osborne, Sr. Political Editor – TMPress International Newswire

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