A still unindicted culprit in our current woes is Washington’s weak-dollar policy. This began under George W. Bush’s watch but has worsened under the Obama Administration.
When people can’t trust a currency’s stability, they either clutch their money in fear or direct it to hard assets in an effort to preserve its value.
The Fed’s foolishness continues. Ben Bernanke has announced that instead of reducing the size of the central bank’s bloated balance sheet as principal payments are made on the mortgages the Fed bought by the boatload during the crisis, it will use the new cash to purchase government debt.
Maybe–just maybe–the new Republican Congress that takes office in January will finally call Ben Bernanke to task for his rubber-dollar superstitions. Steve Forbes – Read Full Article