America for Sale: The Greatest Liquidation Event Ever
By Robert Morley
November 9, 2010
We are living through one of the greatest transfers of wealth ever experienced. As Americans continue to live unsustainable lifestyles, the nation is selling off its strategic assets to pay the bills. Now the Federal Reserve has telegraphed the biggest liquidation event in world history. America is up for sale, and at knock-down, distressed-asset levels.
Last week Federal Reserve Chairman Ben Bernanke announced that the Fed would print up $600 billion—by fiat—to inject into the economy. The official purpose is to increase exports and stimulate the economy. But instead, he has opened the doors for a massive dollar flood.
He confirmed to the world that America can no longer pay its bills and that the dollar is no longer a safe store of wealth. The Fed is now officially engaging in debt monetization—cheating its creditors by printing money and making the dollar worth less.
He might as well have replaced Benjamin Franklin with Bernie Maddoff.
Dollars flooding back into America might sound like a good thing, but in reality it is the equivalent of the repo man coming to take away not only your F-150, but the leather couch, and all the copper pipes and wiring in your house too.
That may sound extreme, but ask yourself what a dollar bill really is.
A dollar bill is nothing but a fancy iou. It is a debt instrument; a promise to pay. And America has issued them to the point that they have—literally—gone out of style.