Yellen To Be New Fed Chairman
It seems Obama will appoint Janet Yellen as the new Fed Chairman to succeed Ben Bernanke - no surprise. What it probably means, given her track record and public comments is more easy money. Wall Street must be rejoicing. More free money!
The money created by the Fed feeds Wall Street, which as we've explained before (here and here), is basically a sales organization. The more money, the more products they can concoct to put all that money to good use - good for them that is.
As for us, our money will, over time, lose value as it has since the Federal Reserve was created in 1913. We'll be forced to continue to put our hard earned money at risk to keep up with the loss of value caused by the Fed's monetary policy of inflating the money supply. We do not have the choice to just save it in some "safe" manner where it will retain its value without our having to take a risk - something that was possible in the years before the creation of the Federal Reserve.
In those "good old days" you could make the decision that you didn't care if the money you earned "grew" in value. You could - if you so wished - decide to just sock it away for a rainy day, with some assurance that it would retain its value for that rainy day. Of course, if you chose to do so, you could speculate, you could take risks with your hard-earned money, in hopes that its value would increase. But it was your choice.
Not any more. You don't have that choice anymore. And this in an age when "choice" is considered almost a sacred "right" for all Americans. We can't choose not to take risk, not to speculate. Well, we can, but if we do, we know that we're condemning our hard-earned dollars to a future of slow strangulation. That money we worked so hard to earn - that we decided not to spend today so that we could have some modest security tomorrow - that money will worth less over time, and eventually become virtually worthless. Witness: the value of a US dollar today is worth roughly 3% of what it was worth when the Fed was created in 1913.
To sum up Yellen's appointment: good for Wall Street, bad for us.
So what else is new?
The money created by the Fed feeds Wall Street, which as we've explained before (here and here), is basically a sales organization. The more money, the more products they can concoct to put all that money to good use - good for them that is.
As for us, our money will, over time, lose value as it has since the Federal Reserve was created in 1913. We'll be forced to continue to put our hard earned money at risk to keep up with the loss of value caused by the Fed's monetary policy of inflating the money supply. We do not have the choice to just save it in some "safe" manner where it will retain its value without our having to take a risk - something that was possible in the years before the creation of the Federal Reserve.
In those "good old days" you could make the decision that you didn't care if the money you earned "grew" in value. You could - if you so wished - decide to just sock it away for a rainy day, with some assurance that it would retain its value for that rainy day. Of course, if you chose to do so, you could speculate, you could take risks with your hard-earned money, in hopes that its value would increase. But it was your choice.
Not any more. You don't have that choice anymore. And this in an age when "choice" is considered almost a sacred "right" for all Americans. We can't choose not to take risk, not to speculate. Well, we can, but if we do, we know that we're condemning our hard-earned dollars to a future of slow strangulation. That money we worked so hard to earn - that we decided not to spend today so that we could have some modest security tomorrow - that money will worth less over time, and eventually become virtually worthless. Witness: the value of a US dollar today is worth roughly 3% of what it was worth when the Fed was created in 1913.
To sum up Yellen's appointment: good for Wall Street, bad for us.
So what else is new?
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