Follow the Romans

March 22, 2009

There has been many comments about the Fed acting as if printing money is a televised sporting event.

http://blogs.cfr.org/setser/2009/03/20/did-the-fed-bailout-china-by-buying-treasuries/

Debasement of currency has always been a sign of weakness and desperation, rather than financial sophistication. It is yet another iteration in the vicious cycle of inflation and debasement. Nixon would be proud.

Instead of snickering over how clever this move is, sticking it to the poor foreign bastards who have no recourse, anyone who cares about this country should despair. A band-aid rather thanĀ  surgery, it shows that there is no political will to make the painful but necessary steps to thoroughly restructure the economy.

USA is going down the path of the Roman and British Empires. Obama is no Augustus, let’s hope that he can become Diocletian.