The Federal Reserve will pump $600 billion more into the US economy and keep interest rates at historical low levels. The short-term impact of the Fed’s move, known as quantitative easing, has been a jump in stock prices across the globe. Many nations, however, have accused the United States of waging a currency war by devaluing the dollar. We speak to former Wall Street economist and University of Missouri professor Michael Hudson. “The object of warfare is to take over a country’s land, raw materials and assets, and grab them,” Hudson says. “In the past, that used to be done militarily by invading them. But today you can do it financially simply by creating credit, which is what the Federal Reserve has done.” [includes rush transcript]
QUOTE from the Introduction: “The last time there were a series of devaluations like this it led to WW II.”
QUOTE from the TV Interview: “A legalized way for Wall Street to loot other Central Banks.”
QUOTE from the TV Interview: “In Europe it is illegal for the Central Bank to finance government debt.”
Phi Beta Iota: This interview, viewed in its entirety, destroys the myth of Barack Obama and clarifies with stunning detail the degree to which the Obama Administration is blocking all forms of relief for the public at the state level at the same time that he is assuring that the Chinese yuan will become the global reserve currency. We anticipate all sales of anything to US currency to be blocked by other countries, and we hope that US Governors will start nullifying federal interference with justice at the state level.