Wednesday, Dec 17th
Last update09:36:22 AM GMT
Economic Glance
This is a staggering devaluation of the US currency! It means that for every dollar in America in September 2008, the fed is going to created fourteen more of them!
Expanding the money supply is easy. All the fed has to do is print dollars and then use them to buy assets. There is no effective limit to how much the fed can print and spend.
TVNL Comment: They are killing us. They are taking our money and reducing its value to nothing.
While the American International Group comes under fire from Congress over executive bonuses, it is quietly fighting the federal government for the return of $306 million in tax payments, some related to deals that were conducted through offshore tax havens.
A.I.G. sued the government last month in a bid to force it to return the payments, which stemmed in large part from its use of aggressive tax deals, some involving entities controlled by the company’s financial products unit in the Cayman Islands, Ireland, the Dutch Antilles and other offshore havens.
The dollar fell by 3.8% against the euro and by 3.6% against the pound.
The US currency also declined against the yen, the Norwegian krone, the Australian dollar and Brazilian real.
The Fed's decision to buy debt means it is effectively creating new money, leading to concern from investors about the over-supply of dollars.
TVNL Comment: Mission accomplished. What you are watching is wealth un-distribution. The people who make (create out of nothing) the money are taking all our stuff. They will start all over and sell everything back to us. Just like after the Depression.
Dodd, Chris (D-CT) Senate $103,100
Obama, Barack (D-IL) Senate $101,332
McCain, John (R-AZ) Senate $59,499
Clinton, Hillary (D-NY) Senate $35,965
Baucus, Max (D-MT) Senate $24,750
Romney, Mitt (R) Pres $20,850
Biden, Joseph R Jr (D-DE) Senate $19,975
Larson, John B (D-CT) House $19,750
Sununu, John E (R-NH) Senate $18,500
Giuliani, Rudolph W (R) Pres $13,200
Kanjorski, Paul E (D-PA) House $12,000
Durbin, Dick (D-IL) Senate $11,000
Perlmutter, Edwin G (D-CO) House $10,500
Rangel, Charles B (D-NY)
The International Monetary Fund is poised to embark on what analysts have described as "global quantitative easing" by printing billions of dollars worth of a global "super-currency" in an unprecedented new effort to address the economic crisis.
Should the move, which is up for discussion by the summit of G20 finance ministers this weekend, be adopted, it will represent a global equivalent of the Bank of England's plan to pump extra cash into the UK economy.
TVNL Comment: Making money out of nothing while creating a currency for the pending one world government. Remember...America was started mostly to get out of the grip of the private Bank of England.
The aspirations that have defined the American experience — that those who work hard and play by the rules can get ahead, and that the next generation will have a better life than this one — have been battered by a devastating recession that shows few signs of having hit bottom.
"Maybe we were dreaming the American dream, you know what I mean?"
TVNL Comment: It is called the American "dream" because that is what it is to the masses. It has never been a reality except for a very few. Far more people have lived an American nightmare.
Among the adjustments forced by the new circumstances, perhaps the cruelest twist for many boomers is the need to join younger generations in the roommate queue. The housing crash has forced record numbers of late-middle age homeowners to take in boarders or risk becoming boarders themselves. From California to Vermont, home-share organizations founded to assist the elderly are scrambling to meet the demands of newly bust boomers.
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