"It didn't take long after the Federal Reserve cut its target rate yesterday for the critics to complain that the central bank bent to Wall Street's wishes. ... 'It's like monetary policy is being affected by the tantrums of Wall Street', says James Paulsen, chief investment officer of Wells Capital Management. 'As every parent knows, the worst thing you can do is to give in to a tantrum, because then you get five more of them", WSJ, 1 November.
"Watching the U.S. currency continue to decline in value, our irreverent friends at the New York Sun have stopped referring to the dollar. They now call it 'the Bernanke,' in mock honor of the Federal Reserve Chairman who is presiding over the greenback's plunge. ... What has mostly flowed is the supply of dollars. ... The Fed ... needs to avoid the perception that it favors a devalued greenback for narrow domestic purposes, lest it signal to countries around the world that they can play the same game", editorial in the WSJ, 1 November.
What "avoid the perception"? The Fed is devaluing the dollar, knowingly. With gold at $793, more and more people worldwide are catching on. Does anyone remember when the dollar was "as good as gold"? In 1966 Jaques Rueff, Charles DeGaulle's finance minister saw dollar devaluation coming. In 1971, Richard Nixon "closed the gold window". The falling dollar is US government policy and has been for decades.
"Watching the U.S. currency continue to decline in value, our irreverent friends at the New York Sun have stopped referring to the dollar. They now call it 'the Bernanke,' in mock honor of the Federal Reserve Chairman who is presiding over the greenback's plunge. ... What has mostly flowed is the supply of dollars. ... The Fed ... needs to avoid the perception that it favors a devalued greenback for narrow domestic purposes, lest it signal to countries around the world that they can play the same game", editorial in the WSJ, 1 November.
What "avoid the perception"? The Fed is devaluing the dollar, knowingly. With gold at $793, more and more people worldwide are catching on. Does anyone remember when the dollar was "as good as gold"? In 1966 Jaques Rueff, Charles DeGaulle's finance minister saw dollar devaluation coming. In 1971, Richard Nixon "closed the gold window". The falling dollar is US government policy and has been for decades.
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