Full story here. Another piece from F. William Engdahl, one of our favorites on economics and geopolitics. Ah, the savers will be losers, and all the things you’ve been told about acquiring wealth and comfort in your old age have been pulled out from under an entire class of people. Instead of protesting the wave, we suggest you swim like hell.
“The Federal Reserve has bluntly refused a request by a major US financial news service to disclose the recipients of more than $2 trillion of emergency loans from US taxpayers and to reveal the assets the central bank is accepting as collateral. Their lawyers resorted to the bizarre argument that they did so to protect ‘trade secrets.’ Is the secret that the US financial system is de facto bankrupt? The latest Fed move is further indication of the degree of panic and lack of clear strategy within the highest ranks of the US financial institutions. Unprecedented Federal Reserve expansion of the Monetary Base in recent weeks sets the stage for a future Weimar-style hyperinflation perhaps before 2010.Â (more…)