QE3 and Seven Reasons to Abolish the Federal Reserve

"I think the country should have panicked over what the Fed is saying that we have lost control and the only thing we have left is massively creating new money out of thin air, which has not worked before, and is not going to work this time."

--Rep. Ron Paul (Texas)

"Ratings firm Egan-Jones cut its credit rating on the U.S. government to "AA-" from "AA," citing its opinion that quantitative easing from the Federal Reserve would hurt the U.S. economy and the country's credit quality."  CNBC (link)

Ben Bernanke and the Federal Reserve have decided to launch into QE3, or Quantitive Easing 3, which essentially means that they are going to start printing more money (increasing taxes on the American population by reducing the value of the dollar and causing inflation) in order to improve our economy.

How much?  $40,000,000,000 per month until things improve.  It sounds like the stopper has been pulled out of the bathtub and we're all going down the drain.

Here are some select articles about the Fed's decision:

• The Last 14 Days Will Go Down As A Turning Point In The History Of Economics
• Ron Paul: “Country Should Panic Over Fed’s Decision”
• Marc Faber: If I Were Bernanke, I Would Resign
• U.S. Credit Rating Downgraded After Fed Pumps More Money
• Fed's 'QE Infinity': Four Things That Could Go Wrong

Here are the seven reasons identified by G. Edward Griffin, author of "The Creature from Jekyll Island," why we need to abolish the Federal Reserve:

1. It is incapable of accomplishing its stated objectives.
2. It is a cartel operating against the public interest.
3. It is the supreme instrument of usury.
4. It generates our most unfair tax.
5. It encourages war.
6. It destabilizes the economy.
7. It is an instrument of totalitarianism.

I encourage you to find a copy of this book and read it to gain a better understanding of our monetary system, and an appreciation for the current situation we are in.  In it, Griffin explains in detail each one of the reasons he believes the Fed should be abolished.

Is it too late?  Who knows.  But I have to say it's not looking good for the home team.  With QE3 timed with the violent protests in the Muslim world and what is most likely an imminent war with Iran, it is a powder keg being filled with more explosive powder.

--Against All Enemies

Disclaimer: These opinions are solely my own, and do not reflect the opinions or official positions of any United States Government agency, organization or department.