The whole world is sniffing at the gangrenous stench of the American dollar. The profligate spending by the Beltway crowd, along with the bad monetary policies of the Federal Reserve has rendered the United States weak and vulnerable.
Totalitarian regimes such as China and Russia are calling for a new world order. They want to implement a global financial system that is run by the likes of them. If that ever comes about, we will have lost our sovereignty.
In the meantime, we have the Keystone Cops falling all over themselves. JP Morgan’s CEO, Jamie Dimon, confronted Fed Chairman Ben Bernanke:
"All of the new capital requirements and regulatory uncertainty has everyone grasping onto their cash/cash-equivalents such as short-dtd Treasuries."
Along the same lines, Dimon also said he's afraid in 10 years someone will write a book that we did more harm than good with all the measures government used to help recovery.
"I don't personally buy the argument that because it was a bad crisis, it has to take a long time to recover." He then gave the chairman a laundry list of ways the financial system is stronger than before the crisis.
“That list you gave me made me feel pretty good for a while. It sounded like we’re getting a lot done," Bernanke replied. Everybody laughed.
In ten years, they will be writing about you guys? Hell, that’s happening now.
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