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Las Vegas, NV
The Most Important Event Since 9/11
An incredible event occurred just twelve days ago, that I consider the most important event since 9/11. It will dramatically affect, for the worse, the life of every American.
Four years ago, M1, the total money supply of the United States, was $800 billion. Then the Federal Reserve in an effort to spur economic growth embarked on a quantitative easing, which came to be known as QE1, the printing of $1.7 trillion. The reason it ended up being called QE1, is because, according to Federal Reserve Chairman Ben Bernanke, we needed another quantitative easing, so then we had QE2 the printing of another half a trillion dollars, give or take. Yes, the Fed printed over $2 trillion to stimulate the economy to cover poor government fiscal policy. These two quantitative easings increased the money supply to $3 trillion, give or take. Now, after an $835 billion Obama stimulus, close to $6 trillion in Obama deficits and the $2 trillion in QEs, Ben Bernanke is still very worried about the economy and job creation.
On September 13th, Bernanke announced QE3, a third round of quantitative easing which will purchase mortgage-backed securities at a pace of $40 billion per month until labor markets, as he put it, “improve substantially.” He added that this could continue through 2015. Bernanke explained: "I want to be clear, while I think we can make a meaningful and significant contribution to reducing this problem, we can't solve it. We don't have tools that are strong enough to solve the unemployment problem." He went on to say: “The weak job market should concern every American. It imposes hardship on people and a waste of human skills and talents."
This is incredibly alarming. What Bernanke is saying is that the government’s fiscal policy is a failure, that the over $2 trillion that was already printed by the Federal Reserve in the last three years was not sufficient to solve our economic problems and that he believes printing $40 billion per month, or $1.44 trillion over three years, will be needed to improve the economy, and further, that he is not even sure that this will work.
What we are seeing is the wholesale destruction of the dollar, our savings, our paychecks, our economy, our futures and the futures of our children. The money supply in 2008 was $800 billion. After QE3, it will surpass $4 trillion, five times the amount of money in circulation from just a few years ago. The alarm bells should be going off all over America. Gasoline prices and food prices are already through the roof. What will they be after another round of this self destructive madness?
And if this isn’t alarming enough, today Charles Plosser, the President of the Federal Reserve Bank of Philadelphia stated: “We are unlikely to see much benefit to growth or to employment from further asset purchases. Conveying the idea that such action will have a substantive impact on labor markets and the speed of the recovery risks the Fed’s credibility.” So, Plosser does not believe that QE3 will work and that to say it will is deceiving.
This is the price of Obama. $6 trillion in new debt, our dollar destroyed, high unemployment and misery for as far as the eye can see.
The Chairman of the Federal Reserve has admitted that he doesn’t have the tools needed to solve our problems. The President of the Federal Reserve Bank of Philadelphia believes that the new actions won’t work. This is it. This is the tipping point. It is up to us, We The People, to make the drastic change that is needed. If we do not get rid this cancer in the Oval Office, America will be totally transformed into an unbelievable nightmare that will make Jimmy Carter’s economic disaster look like a paradise to be longed for.
Everyone must get out and vote and get everyone of our friends and every member of our families to vote. No less than our country, our futures and the futures of our children are at stake.