Presently, the USA is bogged down in Iraq and is incapable of financing its military occupation there. The only way it can pay its suppliers is to keep the printing press running. The announcement, late in March 2006, that the publication of the M-3 indicator would be suspended, together with all the sub-indicators which could have made feasible its reconstruction by aggregates, means that the actual volume of dollars in circulation has become a secret that cannot be divulged. It is no longer possible to precisely evaluate the currency’s real value.
Through a cascading effect, the US are also concealing the costs of their presence in Iraq in order to hide the size of the fraud they are committing.
Refusing to cover up for an escapist monetary policy which sooner or later is bound to lead to a catastrophe comparable to 1929, several senior officials of the FED, the US Federal Reserve, have tendered their resignations [11].
In an interview to the German weekly Der Spiegel, Nobel Prize Laureate in Economics Joseph Stiglitz has estimated the real budget of the US war effort in Iraq to be in range of $1 to $2 trillion over the first four years [12], in other words two to four times higher than the official figures. The hidden part of the war budget thus stands at $500 billion to $1.5 trillion. This sum, if it were to be publicly accounted for, would have to be added to the US public deficit, which is already soaring at over $400 billion per year. It is being absorbed by the printing of worthless paper dollars. In a true market economy, this use of the Mint would lead to a corresponding depreciation of the currency.
For the past three weeks, signs of a bear market have begun to make their appearance on the Gulf Bourses [13]. From now on, any political crisis could trigger a panic on the international markets.
www.voltairnet.org/article138048.html
Through a cascading effect, the US are also concealing the costs of their presence in Iraq in order to hide the size of the fraud they are committing.
Refusing to cover up for an escapist monetary policy which sooner or later is bound to lead to a catastrophe comparable to 1929, several senior officials of the FED, the US Federal Reserve, have tendered their resignations [11].
In an interview to the German weekly Der Spiegel, Nobel Prize Laureate in Economics Joseph Stiglitz has estimated the real budget of the US war effort in Iraq to be in range of $1 to $2 trillion over the first four years [12], in other words two to four times higher than the official figures. The hidden part of the war budget thus stands at $500 billion to $1.5 trillion. This sum, if it were to be publicly accounted for, would have to be added to the US public deficit, which is already soaring at over $400 billion per year. It is being absorbed by the printing of worthless paper dollars. In a true market economy, this use of the Mint would lead to a corresponding depreciation of the currency.
For the past three weeks, signs of a bear market have begun to make their appearance on the Gulf Bourses [13]. From now on, any political crisis could trigger a panic on the international markets.
www.voltairnet.org/article138048.html