We Have Been Warned! – Part 3
By GE Christenson
Monday, 29 October 2012
Bernanke announced on September 13, 2012 a massive “money printing” program – QE3 – that will increase the money supply, help the large banks, create more commodity price inflation, and lower the standard of living of most of the middle class in the United States. Read what other authors had to say about QE3: We Have Been Warned! – Part 2
It is relatively easy to predict further commodity price inflation and that hard assets, not paper assets, will help protect purchasing power. But it is much more difficult to project where else this money printing leads and to what extent a crash is inevitable. What is the endgame? Will it be another financial crash such as in 2008? Or will it be a more destructive financial and economic crash that causes a severe but temporary disruption in the delivery of goods and services?
Jason Hamlin wrote regarding the United State national debt, as well as the sovereign debt of most other countries. His conclusions were:
1.“Raising taxes will not solve the problem. We could raise the tax rate to 100% and the government would still not be able to get out of debt.
2.Cutting spending (austerity) will not solve the problem. We could cut every non-essential government service and the government would still not be able to get out of debt.
3.Inflating away the debt will not solve the problem in the long term. It will only kick the can down the road, exasperating the final crisis and making everyone pay for the poor decisions of a small group of lenders.
So then, what is the solution to the debt crisis in Europe, the U.S. and around the globe?
The immediate default on all fiat debt.” (Worldwide Debt Default is the Only Solution)