I have been writing about the two Goldmans. One is a Wall St. bank that speculates with cheap borrowed money courtesy of the Fed. The other Goldmans are retired and because of manipulation, misallocation, and mispricing by the Fed can earn only crumbs on retirement savings in U.S. Treasury securities. Wall Street is nothing less than a casino populated with traders and speculators growing ever fatter on the Fed’s cheap money.
America is broke. The Obama administration has lost America’s AAA credit rating. Massive deficits and borrowing have caused an ever exploding debt burden financed by the Fed’s printing presses. Texas governor Rick Perry drew the wrath of politicians and the media with this now famous quote “If this guy [Bernanke] prints more money between now and the election, I dunno what y’all would do to him in Iowa but we would treat him pretty ugly down in Texas. Printing more money to play politics at this particular time in American history is almost treasonous in my opinion.”
Pat Buchanan has written “What should be done to those who have sworn an oath to defend the Constitution and then steal the wealth of citizens by secretly manipulating the value of the currency, the store of wealth upon which those people depend?”
For a clear look at the end result of the Fed’s created bubble economy and environment of excess and speculation, read the letter about Goldman Sachs from Greg Smith linked here. Your family’s savings have been eroded by the deliberate creation of money by the Fed. This is, as Pat has rightly labeled it, legalized counterfeiting. The Fed (founded in 1913 by politicians and bankers for their benefit) should be abolished!