QE2 Backfires, Collapse in Irish and U.S. Bond Markets

Thursday, November 18, 2010
By Paul Martin

By: Gary Dorsch
Market Oracle
Nov 18, 2010

“Oh what a tangled web we weave when first we practice to deceive,” said Sir Walter Scott. The Republican Party enjoyed a major victory in the congressional midterm elections, winning back control of the House of Representatives and gaining seats in the Senate. Republican leaders are giving the Tea Party movement a lot of credit for their success, and one of its high profile leaders, Kentucky’s Senator-elect, Rand Paul declared, “We’ve come to take our government back.”

The Tea Party is a grassroots, conservative, and libertarian movement dedicated to reducing the power of Washington DC’s politicians in the lives of ordinary Americans. Tea Party supporters view the nations’ $14-trillion debt as the biggest danger facing the economy. The US federal budget has gone from a surplus of $236-billion the year President George Bush took office to a $1.5-trillion deficit during President Barack Obama’s first year. The Tea Party’s revulsion against the spending binge in Washington has hit a chord with the American public.

Also, the hostility toward the Federal Reserve is very strong among the followers of the Tea Party, with 55% of its supporters demanding that the Fed should be abolished or radically overhauled. The Tea Party aims to audit the Fed’s secret operations, and wants to break the link between the Fed and a small group of Wall Street Oligarchs that are making lots of money at the expense of US-taxpayers.

“I think that private individuals are making money with the transactions that the Fed is involved with, and US-taxpayers deserve to know, if someone is making hundreds of million dollars buying and selling these new US-assets. We also need to know who they are, and what are they paying for these assets, and if this being done honestly,” said Kentucky’s next Senator Rand Paul.

The Rest…HERE

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