- Money manager Peter Schiff says, "The stage has been set for a currency crisis and a sovereign debt crisis, and they're going to come relatively soon. Unlimited money printing by the Fed has only postponed the collapse."
- John Williams of shadowstats.com: "People should get prepared because we're facing a man-made disaster."
- Congressman Ron Paul: "It means we are weakening the dollar. We are trying to liquidate our debt through inflation."
- Wall Street insider Greg Mannarino: "We're in a transition period; Get out of debt and own hard assets. Be your own central bank--if you don't hold it, you don't own it. If the banks are insolvent, those with money in those banks are insolvent, too. They don't have a way out except to default and institute a new currency."
- Michael Pento of Pento Strategies: " This is the nuclear option for them. This is a never-ending weapon that is being fired on the middle class."
- Marc Faber of Marc Faber Ltd.: "I happen to believe that eventually we will have a systemic crisis and everything will collapse."
So why would the Fed do something that seems so insane? Some believe it's politically motivated. CNBC: "though the Fed is ostensibly politically independent, the decision comes at a ticklish time with the presidential election less than two months away."
In the short term, it keeps everything going. Think of it this way: It's very late at night. You've got a tire that's going flat, but you've got no spare and all the gas stations are closed. What are you going to do? Pump up the tire, of course, and you'll keep doing it for as long as you can. You've got no other option.
That's where we are.
Every Western government is buried in debt. The European Central Bank is as desperate as we are. Europe approved an unlimited, open-ended bond buying program on the same day the Fed announced QE3. The Fed and ECB are the lenders of last resort.
So what should we expect?
- The stock market to remain propped up (for a while)
- Interest rates to stay down (for a while)
- Everything to look pretty safe and secure (for a while)
The short term? Very good.
The long term? Very, very bad.
They've unleashed an economic monster and it's only a matter of time before it gets here. Until then, let's educate ourselves and find out what's really going on. Check out Greg Hunter's interviews with Greg Mannarino, Jeff Berwick and Peter Schiff, etc. at http://usawatchdog.com/
A wise man once said: "We're on 0% interest rates and quantitative easing (money printing) until the system dies. We've never had a global system like this die before." - Jeff Berwick, The Dollar Vigilante
Keep your lives free from the love of money and be content with what you have, because God has said: "Never will I leave you; never will I forsake you." - Hebrews 13:5
A prudent person foresees the danger ahead and takes precautions; the simpleton goes blindly on and suffers the consequences. - Proverbs 22:3
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