Tim Geithner Speaks; Stocks Plunge – History Has NEVER Seen So Much Money Printed At Once!
February 10, 2009 Leave a comment
ATLANTA— As Tim Geithner sends stocks nose-diving with his new plan for a government bailout of the banking system (which at first blush sounds like the George W. Bush plan on steroids), Jim Rodgers, a well-known investor, separately is quoted as saying that he sees big-time inflation risks down the road, due to the United States’ interventionism. Mr. Rodgers noted that history has never seen “all major banks printing money as fast as they can at the same time.”
Is anybody else frightened by all of this? Is anyone else like me- thinking that all of this government interventionism is not necessary? One of the biggest fallacies I believe George Bush ever told us was that he had to forsake his free market ideals to save our free market economy. The very statement makes no sense. Either free markets work or they don’t.
What we are observing is central planning, initiated by George Bush and amplified by Barack Obama. The central government trying to manipulate and control an economy.
To date, it is having no good effect. Central planning has a long track record of failure, after all.
There is another choice that Barack Obama can make. That choice is to quit meddling in markets and to let this recession play out, without encumbering us all with so much debt and without devaluing the currency.
That would be change. That would be something I could believe in.