And you can't see the forest for the trees. A common mistake when urban folks head out into the countryside. Another mistake is Ben Bernanke's steerage of the Federal Reserve Bank's monetary policy. Quantitative Easing II ended quietly and with no fanfare on June 30, 2011. That ping and whine down you heard at your bank was the last coins striking an empty vault as the feds ginormous printing presses spun down. The dollar paper makers did not stop making dollar paper, since they do not believe this congress will hold the line on the debt ceiling.
Tim Geithner announced a new Treasury plan this week to stimulate the stock markets, the federal assist in recovering troubled stocks, FARTS, along with his desire to step down as the Secretary of Treasury.
FARTS plans to infuse a pant load of newly created money into the stock market to inflate the value of stocks which Geithner believes will by necessity relieve the downward pressure on the dollar when compared to a basket of other, mostly third world, fiat currencies.
"I feel very confident that the US dollar will do well against the Zimbabwean Dollar, the Mexican Peso and Somali Shillings." He was quoted as stating.
Geithner went on to say, "If the FARTS program is as successful as I believe it can be, then President Obama may be the first leader who FARTS his way to re-election in 2012!"
Chinese President, Hu, was the first of many world leaders to say US FARTS are fouling the international investment community and something drastic must be done to clear the air.
German Chancellor Angela Merkel stated all of Europe is holding its nose when she learned of the new Geithner plan. "I do not think the US knows how Geitner's FARTS will effect Greece in its recovery effort."
Geithner was asked how big a FART was planned by the Federal Reserve, and though they have not settled on a final figure, he said it would be very substantial.
To which, Mark Halpern, formerly of Time and CNN, blurted out, "In other words a very large FART?
"Yes, Mark, a very large FART. Perhaps a FART that will be heard round the world!"
Jackob, Urban Poverty Law Center
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