All the news the New York Times "forgot" - to print

Wednesday, February 27, 2008

Rate cuts? No... we need rate hikes!

I was fairly impressed with Fed Chairman Bernanke at first, but now I'm beginning to believe he's bent on risking the solvency of the currency in a last ditch effort to save all these risky banking ventures that have been going on over the past decade, and which should have collapsed years ago.

So instead of allowing long-overdue corrections to come to the market, just destroy the US dollar, bring gasoline prices to $4.00 a gallon, oil to over $100, and gold over $1000. Just destroy savings rates, so nobody can buy a CD offering an interest rate greater than the inflation rate. Just cause prices to rise so that all the retirees with fixed incomes won't be able to afford the necessities of life.

Maybe we'd be better off without a central bank after all.

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