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Bernanke is Crazy to Think That the Economy is on the Verge of Recovery

By: Steve Johnson

8/21/2009 - 25 Comments

On Friday, Federal Reserve Chairman Ben Bernanke said what investors wanted to hear, that the economy is indeed on the verge of recovery.

The stock market rallied to new highs for the year.  Investors are drinking the cool aid with a beer bong – as fast as they can.

The stock market is up 45% this year, but the average earning are down 30% and everything from consumer confidence to manufacturing to employment are headed down.  If you cannot smell a rat then put down the cool aid bong for a minute and think about this.

The Fed is printing money faster than any time in history and the budget deficit is closing in on $2 trillion just this year – and Ben says we are on the verge of an economic recovery.  Who is he kidding?

There is only one thing that can happen; the stock market is going to crash again. Maybe not today, maybe not tomorrow, but in the near future that market is going to have to correct itself and face reality. 

I’m not even sure who is buying stocks?  With a 10% unemployment, a steep drop in 401k contributions and many of the big investors still in bonds and the little investors waiting to recover the money they lost last year, who is buying up the market?

My guess is that foreigner investors are buying up the market, hoping to get some good prices on some of the best US companies in the world before the US economic recovery even starts.

That means when the US economy recovers and US companies start making money again, the profits will be going to foreign investors.  More money leaving the country.

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The Case Against the Fed

This book, written by Murray Rothbard, an economist and historian of fairly well known repute, is a scathing attack on not only the Federal Reserve, but the interests that created this institution. Rothbard explains how the Federal Reserve is the true source in the destruction of wealth, which has led to the destruction of the middle class and continues to sift money into the hands of the wealthiest.

Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse

In discussions of today's economic meltdown and what to do about it, the Federal Reserve is a stealth helicopter: it never shows up on the radar. With the exception of a few esoteric specialists and those Ron Paul Revolutionaries who burst into chants of "Abolish the Fed!" Historian Thomas Woods notes in this important book, the Federal Reserve bears a large part of the blame for the mess we're in. In the first part of "Meltdown," Woods shows how both in theory and in practice, Fed policy fueled an artificial boom and is now leading us to a much larger meltdown.

Crash Proof

Peter Schiff has predicted the economic hardship more accurately then any other economist in the world in this book. Everything from the housing crash to the credit crunch to the stock market. Peter has a plan to help you servive the crash. Peter explains why the Wall Street investment firms are still trying to sell you stocks, and was the house prices are likely to continue to decline for years to come.

The Hyperinflation Survival Guide: Strategies for American Businesses

The Hyperinflation Survival Guide offers strategies for business managers to keep their enterprise afloat in the midst of runaway inflation. Within this succinct little book are a plethora of sensible business strategies for American businesses. If businesses are to survive they must effectively counter and minimize the ill effects of rampant inflation and/or hyperinflation. The utmost prudence is required in managing accounts receivable, inventory, and production at such a time. A sudden inflationary economic downturn may very well bring a business to its knees leading to insolvency.