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Friday, September 14, 2012

QE3: Magic Elixir or Our Last Hurrah?

The imperial Federal Reserve's shocking and mystifying decision to further flood the market with more increasingly worthless dollars reminds me of Dr. Einstein's definition of insanity, that being "doing the same thing over and over again and expecting different results."

QE3 will NOT ease the nearly 20% real unemployment rate, nor will  it spur economic growth. If anything, QE3 will hasten our acceleration toward the looming financial cliff.

It must surely be painfully obvious now to all but the willfully ignorant that bloated, profligate and irresponsible government coupled with an unaccountable Federal Reserve are THE principle reasons for our economic malaise and headlong rush toward national economic suicide.

While those who have wisely hoarded precious metals will see the value of those assets increase, the rest of us will have to grapple with painfully increasing gasoline prices and shrinking disposable income, neither of which will lead to economic recovery.

Good luck, America. You'll need it.