” In plain words, [Former Federal Reserve Chairman] Volcker implied that the current Fed is not only incompetent, but that its actions are dangerous. “
April 24, 2008
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The Federal Reserve is all about perception. In reality, it’s neither federal (i.e. it’s a private corporation) nor does it have any reserves (it creates money literally out of nothing). In terms of credibility all it has is its perceived image of being a powerful storehouse of wealth and therefore influence. Since there is no wealth other than future tax debt (something any administration can choose to reneg on) then there is ultimately no influence. So when a former master illusionist publicly takes on the current master illustionist more and more people like you and me are cottening on to the whole fraud, well let’s just say things are going to get interesting (‘may you live in interesting times’, btw, is an old chinese curse). Lesson for you and me: keep cash and cash-based investments like RRSPs, stocks and bonds to a minimum and protect yourself with real, fully-owned assets.
Comment by canuck99 — April 24, 2008 @ 12:27 am |