Last week the Fed announced it was firing up the printing presses again to help the economy. Most Americans are numb to the amount of money that has been given to the banks. This seems like the government is playing monopoly with the taxpayers money and when they don't have enough they just print more. I remember being a kid and having a few friends that didn't like to play by the rules. When they ran out of money, they would get out a pad of paper and start writing out IOUs so they can continue playing the game. By the time this would happen, the fights would begin and the game would end up being tossed upside down. This seems no different, many Americans are filing for bankruptcy to eliminate their debt because the job that was promised never came. The people in the US are starting to get fed up with what's going on. Most people believe it's time to flip the board over and start a new game. We didn't sign on to these massive bailouts of banks. I don't think there was any benefit to the taxpayers as promised. It would have been better to let the banks fail and have the Federal Reserve guarantee the funds of the depositors.
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After reading about QE3 I came to the conclusion that they should change the name to QEternity as there is no end to quantitative easing in this program. Historically, every country that has used quantitative easing has ended up with the prices of commodities rising making it harder for the citizens to make ends meet. Looking back in history, there are many examples that end bad with the Weimar Republic and Argentina topping the list. Japan has now been under this program since the early 90s and still hasn't recovered and is still printing. This week it was announced that the big Wall Street banks are already complaining about QE3 saying that it is just not enough and QE4 should be in the wing shortly. This is crazy talk. When is enough, enough? Many more Americans are losing their jobs daily and being setup to file bankruptcy. This isn't their choice but this will be their only option. As gas, food and rental prices continue to rise, many good hard-working folks should find a bankruptcy attorney and put them on their speed dial. It's just a matter of time before they'll need them.
The Fed has fears that if they don't continue with their quantitative easing program, the economy will see another stock market crash that will surpass the 2008. Following the crash the country saw the complete credit market freeze as creditors took away available balances out of fear. The problem is printing more and more money does not fix the problem, somewhere in time it will come due either with extremely high interest rates or hyperinflation. History has taught us many lessons, but I don't think anyone in Washington really cares.
This is the time when Americans should start pinching their pennies and putting away for the future. If they are in debt, they should consider filing bankruptcy if there is no way to pay the debt off. For someone that's not working, continuing to pay on debts by using a savings account or a 401(k) is foolish. A bankruptcy attorney will tell you not to use money to pay debts that would be otherwise protected by bankruptcy exemption laws in a bankruptcy filing. In extreme situations, sometimes extreme choices are necessary to survive. While no one really wants to file bankruptcy sometimes it might not only be your only option, but your best option.
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