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QE III Not Designed to Benefit Most of Us

Mark A. Goldman                                                                   Dated: 9/15/2012

 

QE III is not a stimulus package; itís another bank bailout.  The banks are holding billions of dollars of worthless assets on their balance sheets at inflated prices some of which the Fed intends to take off their hands in exchange for billions of freshly minted US dollars.  

This will make the banks stronger, bankers richer and most Americans poorer by weakening the dollar and inflating prices. It will have a minimal effect, if any, on unemployment.  Our main problem is not that there are hundreds of thousands of business owners who want and are ready to borrow money from banks to expand their businesses.  The problem is that people are suffering; theyíve been cheated out of their homes by criminals who took advantage of them.  Now they are unemployed and/or broke and donít have money to support their families, pay their medical bills or send their kids to college.  Meanwhile, American roads, bridges, schools, and public services are falling apart or being degraded and all most politicians can think about is how to save money by reducing benefits on all the programs that help ordinary working Americans. Their solution to our financial crisis is for government to turn its back on past promises made to do what's best for all citizens and to defend the Constitution against those who would destroy it.  That would include offering all citizens decent affordable healthcare, stronger civil liberties, a sustainable and safe environment that protects future generations, more opportunity in the workplace, and a way for ordinary folks to fund for retirement and provide their children with a good education. 

The Fed is not a governmental institution.  It has no business being in charge of the countryís economy.  It mainly functions to protect banks and bankers.  Itís the President and Congress who should be figuring out how to offer citizens more job opportunities, better healthcare, a safer and sustainable environment, a more stable and energy independent economy, and meaningful jobs that produce products and services that make life better for real people.  They should be protecting us against those who profit from war and social dysfunction.  They should be strengthening our judicial system and striving for peace and prosperity.  Instead they are busy raising money for elections and taking orders from bankers and war profiteers who are programmed to destroy the body politic with their ill gotten gains. 


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