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“Money is more trouble than it actually is worth.” – Horace Greeley 1860

The Depreciating Dollar
Inflation and the Mighty Federal Reserve Board

Dancing with Dagon
Meet Chairman Ben Bernanke - High Priest of the once Mighty Dollar


By Scott Rohter – February, 2011

“We can’t borrow our way out of debt, and we can’t print our way to prosperity.” – Scott Rohter


Federal Reserve Board Chairman Ben Bernanke obviously doesn’t have the ear of the “paper dollar deities” anymore. Whatever kind of rain dance he is doing on the mountain tops and under every green tree isn’t working very well anymore. But Mr. Bernanke isn’t any better or worse then his predecessor, Alan Greenspan who was the last “Moloch of Money" to chair the Federal Reserve Board. It was under his watchful eye that we got into this financial mess in the first place. It was on Greenspan’s watch that Wall Street sold everybody on the idea of mortgage-backed securities and collateralized debt obligations (CDOs). That's when Fanny Mae and Freddie Mac were handing out home mortgages to unqualified homebuyers like they were candy when they couldn’t even begin to pay back their loans. They did this in order to comply with the home ownership policies that were being advanced in Congress by Democrats. This was to facilitate their re-distribution of wealth policies.

Greenspan was the guy who got us into this mess with the help of his friends on Wall Street, and now Bernanke is the guy who is supposed to get us out of it. At least that’s what they told us when they approved his nomination in the Senate, but he is not going to do it until the Wall Street Gang has made plenty of money from all of the misfortune. Like the false priest of finance who went before him, all of Fed Chief Bernanke’s dancing on the dime to Dagon won’t do a thing to restore the value of our currency nor restore soundness to our economy because it isn’t actually intended to. It is just supposed to make us think that they are doing something to help when in reality they aren’t. There is a reason that they are destroying the value of our currency. Perhaps I should just say that they are allowing the dollar to depreciate. Whatever the reason they are allowing the dollar to go down the tank it is causing our life savings to go up in smoke. Now it takes more of our hard earned dollars to buy everything from food to clothing. So I think we are all entitled to an explanation from the high priest of our nation's economy. Why is he allowing the dollar to drop. After all it is coming out of our hides.

Maybe it is so that America can increase its exports overseas to the rest of the world on the theory that if the dollar is cheaper then our products are cheaper overseas. Maybe the dollar is dropping in value so we can sell more of our products overseas, but if that is the case then where is the evidence? We are actually importing more things every day than we are exporting. We don’t make flatware. We don’t make tableware. We don’t even manufacture our own underwear. We can’t dress ourselves without depending on a foreign country. We can’t even sit down to enjoy a good meal in our own homes without the help of a foreign country. That country is probably China. If you look hard enough you can still find a good table and chairs that were made in America. If you are lucky enough to own knives, forks, and spoons that were made in America and plates to eat on, nevertheless if you want to see what you are actually eating then you will have to turn on the lights. Unfortunately those bulbs that produce the light are made in China. There is no getting away from the fact that we are dependent on China.

General Electric shut down their last light bulb manufacturing plant in the United States in July of 2010. In the future all of our electric light bulbs will be compact fluorescents manufactured in China. God help you if you ever break one of them. They are hazardous when dropped because they contain small amounts of toxic mercury. All of the Democrats voted to ban the old fashioned incandescent light bulbs starting in 2012. So don’t try to tell me that the reason they are allowing the dollar to drop in value is so that we can sell more of our products to other countries. It's just not true. What products? We are closing manufacturing plants in our country faster than we are building new ones. About the only things that we still make in America are planes, ships, cars and software for computers. We also make a few other useful items like glass (which is pretty hard to import in large quantities) and plywood and dimensional lumber. Thank God we still have a few trees left in America, but other than that just try to find an American product for sale at Wal-Mart or Target. I won’t be holding my breath.

"The truth, the political truth, and nothing but the political truth.
A journalist has no better friend than the truth."
- Scott Rohter

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