The U.S. Economy Is Being Marched to the Gallows

[Donnachaidh]

http://www.opednews.com/articles/The-U-S-Economy-is-being-by-Andrew-Hughes-090116-262.html

The upcoming Financial Stimulus package, courtesy of the new Economic dream team, has left numerous economists and analysts quaking in their boots. We are seeing predictions of hyperinflation, the destruction of the dollar, the flight of U.S. creditors, the prospect of widespread civil unrest and a descent into a Greater Depression. Small business owners have stood up and discredited the tax incentives that were meant to convince them to ignore market reality and open the door to new employees. The measures that supposedly address the enormous foreclosure problem seem to change from day to day and only work to the advantage of the banks. Obama and Bush have just signed off on an additional $20 Billion in cash and $118 Billion in asset guarantees for Bank of America which already received $25 Billion last year and is now choking on Merrill Lynch's losses. The President Elect and his new Stimulus Czars are not paying attention and are proceeding to continue the same destructive formula adopted by Paulson.

The media bombardment is in overdrive to convince the public that herein lies the path to salvation. First we had the guarantee that three million jobs would be created out of thin air only to be bumped up to four million. These are nice round media friendly numbers which have no basis in reality. With each passing day the sands are shifting on exactly how the money will be spent. Ben Bernancke' s speech at the London School of Economics on Tuesday hinted strongly that the emphasis has now shifted to bailing out the banks one more time by buying more toxic assets to clean up their collapsing balance sheets. After seeing $8.2 Trillion vanish in to Insurance, Banking and a moribund auto industry with absolutely no concrete result except for the tightening of credit, the increasing losses of Big Banking and the GM chairman having to queue for his airline ticket, the Fed, backed by Obama, continues to beat the dead horse.

The scariest aspect of this is the speed at which this 18 wheeler disaster is being driven toward the rabbits in the headlights. We haven't yet seen any Senators or Reps being threatened with the imposition of martial law, but we have seen Obama introduce the possibility of actually vetoing his own fellow Democrats if they do not rubber stamp the proposals he has been instructed to deliver. Nobody has even taken a vote yet and already the gloves are off. Bailout Bill One and the Patriot Act were pushed just as hard. The only legislation that gets the hard sell seems to involve either stealing the taxpayer's money or their rights.

MORE at the link above --

[pnwmom]

1. So says this writer.n/t

[DJ13]

2. Spending vast sums is never a worry until its a Dem doing the spending

[northernlights]

3. hyperinflation is the result

of too many dollars chasing too few goods.

How many dollars you print is irrelevent, as long as they are distributed in a way that gives everybody decent purchasing power.

Since so far the trillions of dollars in bailouts have been wasted by vanishing into thin air or a small group of people's bank accounts, they aren't in the hands of any consum...er, normal citizens, to be chasing goods.

I'm no economist, but I have absolutely no fear of hyperinflation, either now or in anytime the near future. Maybe among trillionaires bidding up the price of private jets, mansions, private islands and yachts. But not the price of bread, food, heating oil, gas, etc.