It is no surprise our debt-based financial system has reached a breaking point. The stated bailout of $700 billion has, in reality, grown, perhaps to more than $7 trillion dollars. In an effort to prevent an economic depression, one can easily imagine the Federal Reserve expanding the money supply by running the printing press overtime.
Of course, that would produce fiat money, paper currency that is not the result of goods or services being produced.As a consequence, the economy would soon experience rapid inflation, in effect collapsing the value of the dollar within 18 to 24 months.
Attempting to prevent an economic depression by printing money is reminiscent of Germany in the 1920s. The Germans failed to prevent a collapse. Could we expect a different outcome?
An additional psycho-social issue is the citizen's growing disillusionment and outright anger with the actions taken by non-elected officials at the Federal Reserve and the Treasury Department. Their actions appear orchestrated to bail out friends on Wall Street with cover provided by elected collaborators in Congress.
Thieves masquerading as ruling elites are still thieves. The result obligates the taxpayer and their children for the foreseeable future. If left unattended, the public's frustration and cynicism over the debt could lead to a gradual implosion of the political process. Why vote if your decisions have no influence on public policy? To date, the taxpayer has not been asked and yet must helplessly watch as the unaccountable political and economic elites bring the country toward a third-world economic status.
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ROBERT PYLE
DULUTH
