10/15/10 Stockholm, Sweden – Matt Taibbi, political reporter and financial journalist for Rolling Stone, has made a recent appearance on MSNBC show The Young Turks, hosted by Cenk Uygur. He’s on to discuss just how desperate the Fed has become.
After countless failed government efforts, including slashed interest rates and government work programs, the fed’s back to manning the printing press, to “print a whole bunch of money and buy stuff with it.” Of course, this has been tried before (read: QE1), but of the three options it’s really the only one that lends itself best to repetition… time and time again.
Taibbi explains that with QE2, “they go out and they buy a whole bunch of treasury bonds and a little bit of mortgages too, and that’s how they’re going to do it.” He suggests the system is rigged and is essentially another backdoor bank bailout that impoverishes hardworking money-savers. His conclusion? “The future consequences are dastardly…releasing two and half trillion dollars into the economy, and the next thing you know … we’re Zimbabwe, the dollar is going to be toilet paper.”
See the full video clip below, which came to our attention via a post on The Daily Bail.
Rocky Vega
Rocky Vega is publisher of Agora Financial International, where he advances the growth of Agora Financial publishing enterprises outside of the US. Previously, he was publisher of The Daily Reckoning, and founding publisher of both UrbanTurf and RFID Update -- which he ran from Brazil, Chile, and Puerto Rico -- as well as associate publisher of FierceFinance. Rocky has an honors MS from the Stockholm School of Economics and an honors BA from Harvard University, where he served on the board of directors for Let’s Go Publications, Harvard Student Agencies, and The Harvard Advocate.
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Well found! Rocky Vega
When more people start suffering and hearing stories like this, and then suffering more, and then hearing more explanations….then things could literally become downright VIOLENT, specially against the bankers and people in power. Be careful.
Someone should be playing “The World Turned Upside Down” when Rolling Stone becomes the one consistently sane voice in economic news.
jmrbayoubobby said a whole lot there…..when saner voices start to quote the Rolling Stone Mag the world must be coming to an end.
I want to third that comment. The ultimate bank robbery goes on day after day, and my local newspaper hasn’t had a hard hitting story in a month. Plenty of high school sports though. There might be riots if people were too busy texting each other about the latest text they got…
Cheers.
weren’t too busy.
Sorry. My editor has been fired.