Oct 01 2007
THE CRASH IS A GOOD THING?
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By Dale Allen Pfeiffer
10/1/07
Reprinted from MOUNTAIN SENTINEL
“If people don’t start thinking for themselves and preparing, then we will follow the scenario our leaders have mapped out for us.”–Dale Allen Pfeiffer
Freefall
Since Bernanke cut interest rates last Tuesday (Sept. 25th), the already weak dollar has gone into a tail spin. Bernanke’s banker friends complained that they did not have enough money to cover their obligations and Bernanke responded by revving up the presses and printing up a slew of fresh funny money. In doing this he ignored the rest of the world, which was hoping that he would show some backbone and stand firm in support of the dollar. So now, everywhere you look, the dollar is losing its value against other currencies.
The Saudi’s unpegged their currency from the dollar for the first time since the oil dollar was established. They had no choice; it would have been suicide for them to follow Bernanke’s move. And elsewhere, other countries will have to follow suit or the US will drag them down. Japan is scrambling for shore.
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