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Tuesday, March 9, 2010
This Just In: Jamming the Accelerator (No Toyotas Involved Here)
From Prudent Bear. Another hot potato for you---just like Bush stacked the Supreme Court to his liking, Obama now gets to stack the Fed with "his guys."
"With the retirement of Fed Vice Chairman Donald Kohn, President Obama now has the right to appoint three Fed governors. Together with the reappointed Bernanke and Daniel Tarullo, whom he appointed last year, that will create a Fed Board of Governors on which five of the seven members are extreme soft-money advocates, and make it almost impossible, even in a crisis situation, for the 12-member Federal Open Market Committee to pull together a majority for anything but the most modest increase in interest rates. Essentially, the throttle will have been jammed open until at least January 2013. It’s worth examining the implications of this for the U.S. and global economies."
IMHO, collapse is imminent--it's just going to take time to get here. Got food? Got seeds? Got no debt? Got an income of some sort? Good.
Got a fan? Put a tarp down--it's soon going to get shit everywhere.
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