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9.06.2010

The War On Savings

Ben Bernanke once said he can fix the economy by dropping money from helicopters. He mistakenly thinks it's his job to keep house prices and the stock market propped up for all his banker buddies, or is it? But at whose expense?

Lowering the interest rates is tantamount to taxing Americans with savings accounts to pay for "specuvestors" who lied and cheated their way into mortgages they can't afford.

Obama and Bernanke, with full support of nearly all members of Congress have just launched a surge! The few percentage of Americans who save money and pay taxes are being punished so folks can keep houses and Hummers they can't afford.

Our economy was ruined by people who thought they could get rich quick buying and selling condos with money they didn't have. Why reward them?

A sensible bailout plan would reward people who have saved money! How about a C-note for every $10,000 in savings, government bonds, or 401K? That would be sending the right message to America.

I didn't buy a house I couldn't afford. Now, deadbeats who missed their payments will be able to delay foreclosure and, if Barack Obama gets his way, refinance into ultra low rates and still have money left over for Starbucks. People like you and me, who were responsible and saved money, will be taxed in two ways to pay for all this:
Interest rates will be kept artificially low, so we can't get any interest on savings, CDs and bonds.
The government is printing more money, devaluing the money we've saved up. What's next??

Our currency is in danger of being revalued ... this would be bad, very bad for all you crazy savers out there! But can it get any worse?


Call for new major reserve currency
Other more 'thrifty' nations, such as Russia and the People's Republic of China, central banks and economic analysts and groups such as the Gulf Cooperation Council, have expressed a desire to see an independent new currency replace the dollar as the reserve currency. China has proposed using the Special Drawing Rights, calculated daily from a basket of U.S. dollar, euro, Japanese yen and British pound, used by the International Monetary Fund for international payments.

The party is almost over folks and it looks like 'hotel- motel' time for the U.S. Dollar .. You can sit there and watch it collapse or try and do something. If you haven't thought about buying Gold or Silver Bullion now is the time to give it serious consideration. Take a look at Coinflation.com and scroll down the page to the Silver Coin section ... Just One old Silver Dollar can buy you  half a tank of gas, thats some crazy stuff, and from the looks of things it will buy a whole lot more in the coming months.