On September 13, 2012, the Fed announced their plans for more quantitative easing. For those of you that don't know what quantitative easing is, it is nothing more than printing more money in laymen's terms. Nowadays, in this tech driven world it is actually called digitizing which is nothing more than adding zeros to Federal Reserve banks accounts. It seems that QE1, QE2 and the twist didn't work, but this is supposed to and that is not even talking about the two failed stimulus bills over the last few years. Looking back, the story the media told was that pushing these through would lower the unemployment rate and put many Americans back to work. It didn't do anything they promised except make the rich richer and make more Americans have to file bankruptcy to get out of debt.
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Americans area resilient population and have been optimistic through the last downturn. What's becoming apparent is this economy is starting to look like what we have now is the new normal. Comparing this to the Great Depression there is not much difference except for no long food lines. After further evaluation this is because of social programs like food stamps that keep people off the streets. There are more than 51% of Americans now accepting some kind of government assistance, including all the elderly that are on Social Security. This whole thing is fixable but can't be fixed going about it the way we are. You can't borrow your way out of debt. The US debt clock is continuing to go up every year and a rate of $2 trillion per year and as Congress argues about cutting spending, it seems that they are spending more.
As the US slides down the slippery slope into financial oblivion, many Americans are facing hard times and considering filing for bankruptcy for relief. No one really wants to file for bankruptcy, but sometimes there is no way around it. The cost of living is going through the roof as gas and food prices continue to rise. As income across the US continues to decrease, the cost of living is up about 30% and this in itself is starting to worry many experts about a mass bankruptcy filing nationwide. It doesn't help with the government printing more money because it is just watering down the currency making it worth virtually nothing. With all this quantitative easing, the US might soon look like the Weimar Republic. People need to take an honest look at their personal financial situation and not be afraid to file bankruptcy if necessary. Americans didn't get bailed out when the banks did, so people shouldn't feel bad about filing bankruptcy and getting their own bailout. As things are changing quickly in the government it is best to stay on top of things and even consult a bankruptcy attorney about the individual's personal situation. Create your own quantitative easing by filing for bankruptcy.
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