Crushed Incomes and International Buying Power
by Michael W. Hodges, Author
Grandfather Economic Report November 20, 2004
Seniors have seen the earning power from their savings devastated, which is pilling on economic and health risks for one of the most vulnerable segments of our society - - its grandparents and great grandparents.
Many are very, very scared.
Beginning in 2001, the Federal Reserve reduced short-term interest rates 13 times, dropping the federal funds rate 84% (from 6.5% to a 1% rate, the lowest in generations) and injected massive amounts of liquidity into the monetary system - - all aimed at subsidizing existing debt in all sectors, and promoting even more debt, much more debt - - believing that the U.S. economy and its government cannot function without more and more debt injections, just like a drug junkie needs higher doses each week.
No comments:
Post a Comment