Friday, November 05, 2010

Instead of printing money to create jobs at home and prosecuting banksters for the massive mortgage fraud they have committed, the US Government through the Fed is giving $600B to these very same banksters who are using it -- not to restart the economy -- but to enrich themselves further by waging a currency war that will result in devaluing the dollar.

Bloggers Note: Just last night I posted an article by Michael Hudson that explains all of this. But it's a difficult read, so if you want to understand the story without reading it, watch this video which fortuitously just came out today. You may also want to watch the Bill Black videos that immediately preceded Hudson's article.

New $600B Fed Stimulus Fuels Fears of US Currency War

The Federal Reserve will pump $600 billion more into the US economy and keep interest rates at historical low levels. The short-term impact of the Fed’s move, known as quantitative easing, has been a jump in stock prices across the globe. Many nations, however, have accused the United States of waging a currency war by devaluing the dollar. We speak to former Wall Street economist and University of Missouri professor Michael Hudson. "The object of warfare is to take over a country’s land, raw materials and assets, and grab them," Hudson says. "In the past, that used to be done militarily by invading them. But today you can do it financially simply by creating credit, which is what the Federal Reserve has done."

Michael Hudson, President of the Institute for the Study of Long-Term Economic Trends, Distinguished Research Professor of Economics at the University of Missouri, Kansas City and author of "Super-Imperialism: The Economic Strategy of American Empire."

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