Matt Taibbi on QE2: Print a Whole Bunch of Money and Buy Stuff
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.