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The Germans have sharpened their criticisms of QE2 saying the FED is basically "clueless".
They are joined in their criticisms by the BRIC countries and China, as well as much of the EU.
It is apparent at this point that the G20 meeting will be a failure and that worldwide monetary problems will continue.
It is apparent at this point that the G20 meeting will be a failure and that worldwide monetary problems will continue.
What did you expect? The Fed knows how to do one thing - PRINT. And print is what they are doing.
You can't blame other countries if they hold our bonds and don't want to get ripped off. You can't blame them if they're disgusted that we'll be exporting our inflation to them.
We are no better than Greece, Ireland, and Portugal. We're actually more dangerous, as we have our own currency and printing press. The PIIGS nations are tied to the EU, and can't print their way out of that mess. But we can, and we will!
They are all against what we are doing and will not take our side on China.
This does not bode well.
The worry is that next year about 15 nations (US included) will have to pay on about $10 trillion coming due. The US monetizing it's debt will do nothing to enable us to make good on our debt coming due next year..we can't even pay interest on the debt we have now.
I read a Financial Sense opinion yesterday that we are but one failed Treasury auction away from collapse and that QE2 works or it collapses the dollar..there's no middle ground with what Bernake is doing.
http://www.financialsense.com/contri...s-lit-the-fuse
" The Fed is directly monetizing the next eight months of excess(ive) spending by the federal government and is doing it despite being perfectly aware of the extent to which history is littered with the economic carcasses of those who have traveled this path before."
Call me a doomer, but I really do not see any options to a deteriorating situation worldwide.
As far as QE working, it will do what it is intended to do, but what it is intended to do is give the banks more liquid assets to create bubbles in commodities, and engage in carry trade in emerging market countries.
That will make the banks a boatload of money, but it will do nothing for the American economy.
The fact that other nations are complaining about it means its the right thing to do. The global economy is closed system, what improves our situation during is going to make matters more difficult for other countries. Germany and China are undoubtedly going to complain, they'd like to continue to run huge trade surpluses.
Its funny that you guys complain about jobs going overseas, yet also complain about actions that can actually bring them back. Thankfully, the FED can act against the will of the plebs.
The fact that other nations are complaining about it means its the right thing to do. The global economy is closed system, what improves our situation during is going to make matters more difficult for other countries. Germany and China are undoubtedly going to complain, they'd like to continue to run huge trade surpluses.
Its funny that you guys complain about jobs going overseas, yet also complain about actions that can actually bring them back. Thankfully, the FED can act against the will of the plebs.
I agree 100%. It is either QE2 or we bring back tariffs. Either way, actions need to be taken to protect the interests of the USA and everybody else will be hurt to some degree.
The bottom line is, and this is arrogant, in terms of economics other countries need us more than we need them. This is a nice step to stop basing economic on feelings and charity, and start determining policy with logic and our best interest at the forefront.
The Germans have sharpened their criticisms of QE2 saying the FED is basically "clueless".
They are joined in their criticisms by the BRIC countries and China, as well as much of the EU.
It is apparent at this point that the G20 meeting will be a failure and that worldwide monetary problems will continue.
Wait, what is this? I thought we had a "worldly, wonderful President", who was educated, and went to the best schools, and...well you know the rest...Where is the "worldly love" that has been so talked about in the media of this POTUS? If only we could back in time and elect, a real worldly Pres, like, like, well you know
Wait, what is this? I thought we had a "worldly, wonderful President", who was educated, and went to the best schools, and...well you know the rest...Where is the "worldly love" that has been so talked about in the media of this POTUS? If only we could back in time and elect, a real worldly Pres, like, like, well you know
Did you have a point? Being "worldly" does not mean sacrificing your nations best interests for others.
You cannot get rid of debt by taking on more debt.
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