Tomorrow the FED will, in all its inglorious righteousness, decide whether to print either $500 Billion or $ 1 Trillion in new fiat money to purchase securities. There's already been agricultural and commodity inflation (Think "food") for the better part of 2010. This will now send prices through the roof.
These idiots have absolutely NO EARTHLY IDEA what they're doing or what the consequences are. Sooner or later, our FED devalued greenback will filter down to the consumer.
Ron Paul, where are you when I need you? You're the only guy with the guts to be willing to abolish the Federal Reserve.
There is no such thing as a "free lunch". If you print money the way the Obama Administration has done (in addition to spending it foolishly), somebody is going to have to pay the Piper.
We can't get these idiots out of office fast enough.
UPDATE: As of Nov 3 2010 the FED has announced a new program where they'll print enough fiat money to purchase $600 Billion in Treasury and other debt. They are doing this because the Obama Administration has had 20+ months to "get it" and simply hasn't done so. The FED feels compelled to do "something". Unfortunately, the FED's resources don't amount to much at this late stage of the game, and the end result will be virtually no economic stimulus at all, with almost guaranteed future inflation.
There is only one way out of this mess (that our European partners have long since discovered and implemented):
1) Stop Government spending. Reduce the size of government.
2) Lower tax rates across the board. Numerous academic studies have proven this to be effective. (By the way, that includes so-called "Rich People").
3) Provide the business community with stability of expectations and remove the fear.
4) Provide massive tax credits and incentives to business to free up the cash they've been hoarding. Let business hire, create jobs and grow the economy, which is what it has done for the last 250+ years.
5) Above all, make sure the business community understands that these changes are PERMANENT. That is the only way to remove the uncertainty and get real job growth, once and for all.
Obama, after a massive blow on November 2, 2010, still doesn't get it. Too bad, pal.