Time Magazine predicts Federal Reserve causing next Civil War?
By Andrew Zarowny|RightPundits.com
Will the Federal Reserve cause the next Civil war in America? Time Magazine seems to think it’s a possibility. With unemployment so high, and Ben Bernanke promising more quantitative easing by the Federal Reserve system, who can say? A recent article this week by Stephen Gandel on Time’s website points to the U.S. central bank as perhaps being the catalyst for major unrest in our country. But if you listen closely enough, you’ll hear others around the world unhappy with the Fed’s policies, so a domestic civil war may be the least of our worries!
Gandel writes that the Fed’s next meeting will announce it’s upcoming policies on November 3rd, the day after America votes in the November 2010 mid term elections. Undoubtedly, the outcome of the elections will influence what the Federal Reserve system does next concerning our economy. For the past 2 years, the Fed has kept interest rates at nearly zero and has been engaged in quantitative easing, pumping trillions of dollars into our economy with no real effect. Now, there is a call by Ben Bernanke for ‘QE2′, another round of shoveling cash into the system. Bernanke is even calling for a ‘controlled rate of inflation’.
Supporters of this notion, like Keynesian Paul Krugman, want the Federal Reserve to intervene more aggressively. Krugman also wants the Federal government to launch another wave of ’stimulus’ spending. After trillions of dollar already pumped in having no affect, one has to wonder why? But even Krugman is becoming rattled by the latest insanity involving the mortgage foreclosure crisis. He’s now asking if we are a nation of laws or not?
It’s not every day that long-time critic of fiat currency, Karl Denniger agrees with Krugman. Time quotes him from the ZeroHedge website (see link below) “In a very real sense, Bernanke is throwing Granny and Grandpa down the stairs – on purpose. He is literally threatening those at the lower end of the economic strata, along with all who are retired, with starvation and death, and in a just nation where the rule of law controlled instead of being abused by the kleptocrats he would be facing charges of Seditious Conspiracy, as his policies will inevitably lead to the destruction of our republic.”
Now, Gandel isn’t buying it. He quotes others who do not believe that the Federal Reserve’s policies could lead to any riots or civil unrest. After all, we’ve never seen such before, have we? Or have we? Well, let’s cast our view across the Atlantic to Europe. France has had two straight weeks of violent strikes and protests against austerity measures. Measures, such as raising the retirement age from 60 to 62 due largely to government spending too much.