The October surprise in November 2010? "Fed to print $30 trillion by Thanksgiving 2010, " says Barry Young of KFYI
For the last two years we have been saying that gold was going to $ 1650 by January 2011 and most likely $3,000-$5,000 by June 2011.
One of our readers informed us that Barry Young of Arizona's KFYI.com on his morning show between 7:00 AM-10:00 AM informed us that theFederal Reserve is getting ready to print $30 T-R-I-L-L-I-O-N by Thanksgiving 2010. This represents 300% of the GDP.
This is the first time we have heard a major news outlet say what we have been saying for the last two years. KFYI.com boasts a million listeners in Arizona.
We were wondering what circumstances would be needed to bull gold to those levels. Printing $30 T-R-I-L-L-I-O-N like this will do that.
What Obama is doing here is a scorched earth retreat like Saddam Hussein did when he was retreating out of Kuwait. Obama knows that he is beaten. Before he goes he is making sure he destroys all Americans and robs them of whatever wealth and happiness they have left by destroying the currency. Not surprisingly this development will occur right before the elections. This is Obama’s flip of the finger to the new Congress and to the Americans who support it.
Karl Marx said that in order to conquer a country you must destroy it’s currency. Obama knows this lesson well.
Read the full story here and perhaps related here.
Much as I like to legitimately trash Odama, what the FED does is not his call. They are a separate entity not under the control of any US authority. IF they print that much money (and I haven't read it anywhere) it will be to shore up banks, pump up the economy, stop deflation, or fill in derivative craters.
ReplyDeleteNone of which will do what they want to accomplish.
You're right. They do what they want. You don't think Soros and O'Bummer can lean on the Fed, though?
ReplyDeleteThe FED has a vested interest in not shearing the sheep too closely or killing the host. I don't think they'll print $30Trillion more, & I've read they've printed $12Trillion since '08.
ReplyDeleteIt would serve no purpose to crash the economy and the $.
I'll look around for info.
""We are now two years into ZIRP. There can be no doubt but that this policy will last a minimum of another 12-18 months. We have gone through 1.75 Trillion of QE-1. The QE-2 that Bernanke wants to bring us will probably double that.""
ReplyDeleteQE aka print more 'money' and supposed to start in Oct 2010. The FED meets 2-3NOV. '10
And so goes the Weimar effect on the US economy...
ReplyDeleteGet out your wheelbarrow, folks. You'll need it to carry all that cash for your loaf of bread, if you can get it.
Deflation remains the worst threat, but jeez.
ReplyDeleteBTW where's my trunkfull?
I have a question... this is all electronic.. so they 'make' money appear in an account. Then they buy T-bills with it.
What does that do for the economy?
At least invest in cancer research, grants to state and local boards of education ... increase the number of science teachers and sizes of engineering schools.
Give out Wii Fits to Walmart shoppers!
SOMETHING.