Tag Archives: so who got the money

Peter Schiff we need to change or this country is an Economic Wasteland

Market Seer – Peter Schiff recently said that if we don’t stop what the government is doing now – if we don’t Change , this Country will be an Economic Wasteland. ” We’re in a Gigantic Hole , the last thing we want to do is keep Digging it Deeper. ” – Peter Schiff

Schiff also mentioned There is No Recovery In Sight and that in ten years the US Dollar will Not be the Reserve Currency – that’s for sure , and the dollar will not buy as much as it does today. We’re going to have to make some serious changes in our policy. There’s going to be a substantial down-shift in the American Standard of Living , that’s the reality.  

Because of the Fed , because of all the policies we’ve pursued , we’ve Lived Beyond our Means. We’ve run up Trillions of Dollars of Debt. We’re going to Need LESS Government Spending and a Higher Savings Rate. But, If We Do All The Right Things – then We Will Build the Sound Foundation and Have a Bright Future

What’s happening in the US is a Sideshow. The Main Event is Overseas. The Markets are on Fire there , particularly in Asia. The underlying fundamentals of the US Economy have Worsened , we have more debt – look at how much debt we’ve incurred. The US Government is Not trimming itself down. They’re Issuing All This Debt – WHAT ARE THEY DOING WITH THE MONEY?

Speaking of WHO GOT THE MONEY? , listen to American Patriot – Rep. Alan Grayson ask Fed Chair Ben Bernanke just that:

Grayson: ” SO WHO GOT THE MONEY? – ” Bernanke: “I Don’t Know ”  Half a Trillon Dollars and You don’t know.

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Financial Services Committee Rep Alan Grayson laughs at Ben Bernanke

Rep. Alan Grayson (D)  Fla. laughed at Federal Reserve Chairman Ben Bernanke during his questioning before the House Financial Services Committee.

The US Congressman from Florida , Alan Grayson focused on the Fed’s handouts to Foreign Central Banks. These “Central Bank Liquidity Swaps” rose from a total of $24 Billion at the end of 2007, to over $553 Billion by the end of 2008.

Grayson: “So who got the money?”
Bernanke: “Financial institutions in Europe and other counries.”
Grayson: “Which ones?”
Bernanke: “I don’t know.”
Grayson: “Half a Trillion Dollars and you don’t know , Who Got the Money?”

Grayson: “Well, look at the next page – the very next page has the US Dollar nominal exchange rate, which shows a 20 percent increase in the US Dollar nominal exchange rate at exactly the same time that you were handing out Half a Trillion Dollars. You think that’s a Coincidence?”
Bernanke: “Yes.”
Grayson: “hah-hah
-hah-hah!”

Is Anyone Minding the Store at the Federal Reserve? The Question of the Day: ” SO WHO GOT THE MONEY? ” – Alan Grayson

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