Pathetic... powell asking for more free money from congress

S

S2007S

Its fu$king unbelievable, an economy that cannot stand on its own, Worthless that needs constant trillions to keep it propped up....

The addiction is never ending. This will be continous forever.



Fed Chair Powell calls for more help from Congress, says there’s a low risk of ‘overdoing it’
PUBLISHED TUE, OCT 6 202010:40 AM EDTUPDATED 1 MIN AGO

Federal Reserve Chairman Jerome Powell called Tuesday for continued aggressive fiscal and monetary stimulus for an economic recovery that he said still has “a long way to go.”




https://www.cnbc.com/2020/10/06/fed...s-says-theres-a-low-risk-of-overdoing-it.html
 
Venezuela Orders 71 Tons of Paper To Print New Banknotes Worth 23 Cents Each

So much so that according to Bloomberg, Venezuela is now importing 71 tons of paper from Italian money printer Fedrigioni (majority owned by US Private Equity giant Bain Capital) which it will use to print new bills with the highest, 100,000 new bolivar, denomination yet. In dollar terms: each new banknote is worth about 23 cents, courtesy of the raging hyperinflation that has been sweeping the nation for the past 6 years.

https://www.zerohedge.com/economics...paper-print-new-banknotes-worth-23-cents-each

This is where we're headed if we don't put on the brakes at some point. It's a "slippery slope" once we start down it. :(

(Actually we "started" down it years ago with refusal to limit spending to "taxes collected" and refusal to adopt a "balanced budget amendment". That lead to "budget deficit spending" which was slow at first but ever increasing. Unfortunately if you let "things run", you keep having to do more and bigger of it as time passes... until ultimately this.)

bolivar%20USD.jpg
 
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S2007S said:
Its fu$king unbelievable, an economy that cannot stand on its own, Worthless that needs constant trillions to keep it propped up....
More...

Early on in Powell's term, he tried to raise interest rates slowly from "irrationally low" and to trim down the Fed's balance sheet. I thought that was reasonable and a good thing... thankfully putting an end to the Bernanke and Yellen carnage.

Now he's done a "180" on us... A "print the shit out of everything mofo"... to the ultimate destruction of the US.

Not liking this man one bit!!

People need to wake up. When the Government and the Fed inflate/destroy the currency of the United States, they destroy the United States!! (You don't know what that means? Think Venezuela... Weimar Germany, Argentina, Turkey, Zimbabwe... even ROME... others!)

:(
 
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Scataphagos said:
Early on in Powell's term, he tried to raise interest rates slowly from "irrationally low" and to trim down the Fed's balance sheet. I thought that was reasonable and a good thing... thankfully putting an end to the Bernanke and Yellen carnage.

Now he's done a "180" on us... A "print the shit out of everything mofo"... to the ultimate destruction of the US.

Not liking this man one bit!!

People need to wake up. When the Government and the Fed inflate/destroy the currency of the United States, they destroy the United States!! (You don't know what that means? Think Venezuela... Weimar Germany, Argentina, Turkey, Zimbabwe... even ROME... others!)

:(
More...



We need a hawkish fed to rid of this nonsense, but that will never come to be. Its been nearly 40 years since we had a hawkish fed and everything after that has been nothing but a printing machine bonanza.

My question is if we know where this is heading why do we keep continuing down this path..... History shows what's coming and whats happening in other countries why do we think we are immune to such a disaster
 
S2007S said:
We need a hawkish fed to rid of this nonsense, but that will never come to be. Its been nearly 40 years since we had a hawkish fed and everything after that has been nothing but a printing machine bonanza.

My question is if we know where this is heading why do we keep continuing down this path..... History shows what's coming and whats happening in other countries why do we think we are immune to such a disaster
More...

The last quality fed Chairman was Volker.

The path of least resistance today is "MOTS"... More Of The Same.

Nobody with common sense would think our future would be different from history's others who have done this.

I suspect we "continue down this path"... at an ever accelerating pace... until the whole damned thing blows up.. much like Venezuela where the exchange rate vs $USD is now > 430,000:1... where it takes a "basket full of currency" to buy a basket of groceries. Can you imagine??

And to top it all off... Venezuela has arguably the #1 richest oil reserves in the entire world... and their people are completely destitute! How can that be? (Rhetorical question, of course.)

:(
 
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Man you guys are some doomsdayers.

America isnt going anywhere. We are too big to fail for one, no other currency can replace the dollar as the world reserve. No one has the oil or the capability to steal other's oil like we do.

As far as debt is concerned we have the second lowest debt to GDP percentage. Most other countries are above us or operating at 100%+ of GDP with less population.

We arent going anywhere, at least not in our lifetimes. Its called confluence - too many things favor us not going anywhere.

Does that mean a whole bunch of useless spending is good? No it doesnt. But it also doesnt mean we are going the way of Venezuela anytime soon.
 
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Remember the golden rule, he who has the gold makes the rules.

If the rich own stocks, and want even moar riches to spend on bitches, then they gonna make any rule they want even if it means printing moar money.

Cool chart time,


fredgraph.png



fredgraph.png



fredgraph.png



fredgraph.png
 
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