You know, I can write one of these articles every couple of months, because, like clockwork, when the Chairman of the Federal Reserve’s Open Market Committee testifies before congress or gives a press conference it has one and only one purpose and that is the trash the price of gold to cover the profligate and nigh onto criminal behavior the world’s most powerful central bank. As we suffer the machinations of the world’s powerful bankers as they fight amongst themselves for control of the new monetary system that will replace the failed and crumbling U.S. Dollar (AMEX:UUP) reserve system, the truth is that if the Fed cared a whit about the people who actually use their rotten currency they simply would have bailed everyone out equally.
I may have ideological problems with central banking and bailing out those that borrowed money without having any intention of ever paying it back. That is fraud. So, austerity in Greece, Spain and the other European peripheral states makes perfect sense from a personal responsibility perspective. But, while we’re on the subject where were the risk assessment analysts at the banks that put their stamp of approval on these loans? Turning a blind eye because it served the long term plans of the banks who put this system in place to start with? So, if the Greek people are expecting to have to live like paupers and worse than slaves then shouldn’t those that enabled the situation share in the pain?
Austerity for everyone I say. Let those that prepared themselves be rewarded while those that steal through inflation be brought down to where they belong.
In the end it would have been orders of magnitude cheaperto bailout the individuals and let the banks fail. But that’s not practical. Without sociopathic bankers and their marauders working the prop trading desks there would be no civilization.
Gold (AMEX:GLD) continues call their bluff and hence another $50 shaved off the price of the one thing that people can protect themselves with. There is no good trade right now folks. If you’re playing gold on margin then you got slaughtered today and you’ll be living your own version of austerity.Previous Post » Gold Rises After Bernanke Hit Fizzles