The only point for any government to have a central bank is for looting the ignorant, the clueless. Now a days in the US at least, that includes the middle class, which will virtually disappear as well as a significant percent of the wealthy. President Andrew Jackson knew this and accomplished the closing of the second central bank that the US had. It had a much shorter life than the current [The Fed] central bank has had. Of course, Americans were much better educated in those days with virtually all schools being private. And, of course they were much better off with no central bank. After the end of the second central bank, American's standard of living increased faster than ever in the history of the world.
"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world, no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government run by the opinion and duress of a small group of dominant men" … President Woodrow Wilson, in reference to the Federal Reserve Act of 1913
John Williams over at Shadow Government Statistics has a new "Hyperinflaton Special Report (Update 2010)": (for subcribers)
• Economy and Financial System Face Eventual Great Collapse
• Government and Fed Actions Have Narrowed Hyperinflationary Great Depression Timing to Next Five Years
• High Risk of Ultimate Dollar Crisis Unfolding in Year Ahead
UPDATE — COMMENTARY
"How has the hyperinflation outlook changed since the Hyperinflation Special Report was published in April 2008?" Such is the most frequently asked question I receive these days.
The answer is that the outlook is little changed, since the following report outlines the basic issues and limited options for the U.S. government that were in play well before the current crises broke. The actions taken since by the federal government, U.S. Treasury and the Federal Reserve, in response to the still-deepening recession and ongoing systemic solvency woes, just exacerbated the long-range problems described in the report. The official actions likely have advanced the timing of the hyperinflation to the much nearer future, perhaps within the next year or two. Since September 2008, the Federal Reserve has been attempting to debase the U.S. dollar at an extraordinary pace, and such now is recognized widely among the major U.S. trading partners.
HYPERINFLATION SPECIAL REPORT
Issue Number 41
April 8, 2008
is available to the public here
* * *
There is so much fraud in the government and financial systems now a days, who / what do you trust?
Gold and silver for starters. The speed at which gold and silver are moving on up is a bit unnerving. They haven't traded like this since the bull market started, although the 2% cap on a day's move is still able to be put on by the Powers That Be. We'll see how long that lasts.
By the way, last week:
"The other item this week is that the US Mint ran out of one ounce "Eagle" bullion Gold coins this week, the second time this has happened in a bit more than a year. The supply simply could not keep up with the demand." - Bill Buckler, The Privateer