Last week the Fed announced plans for more QE. This means the Fed will use the money it receives from payments on its Mortgage Backed Securities to buy Treasury Bonds. It has to do this because foreign buyers of Treasuries are not sufficient to pay our debt, and the government insists on spending more and more money. This is similar to you using your Visa card to make payment on your Mastercard. It’s a very bad sign that the US is bankrupt and implementing drastic measures to keep the public in the dark. The stock market is just now beginning to realize the Obama Ponzi scheme could suffer a meltdown within the next 12 months. Ultimately, it assures the death of the dollar. As the Fed has to print money to buy its own debt, the dollar will eventually devalue into oblivion.
Yesterday, the U.S. Federal Reserve’s Open Market Committee issued its most bearish outlook in more than a year. It effectively came clean, admitting, the “recovery” is nothing more than a cruel mirage in an economic desert. The Fed’s statement went on to say that household spending “ … remains constrained by high unemployment, modest income growth, lower housing wealth and tight credit.”
QE II just means more funny money in a desperate attempt to prop up the economy! The big problem: The last $1.5 trillion the Fed created did practically NOTHING for the unemployment picture and the consumer economy. So why would anybody — including the Fed governors or even Bernanke himself — believe that more money printing will work this time around?!
Unfortunately, it has enormous consequences for every dollar you have saved, invested and put away for retirement.
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