Monday, December 5, 2011
Peter Schiff: "We're selling our souls to the devil"
As most of you know, I've been tracking our financial system for quite a while. Bernanke is going to have to raise the interest rate to combat inflation. They've done this several times before, last bad episode was in the 80's... remember that one? It was bad. And Volcker's attitude when a congressman visited him to beg for him to adjust the interest rate because Volcker held the interest rate 18 months past when inflation had been conquered?.... "Your constituents are unhappy...mine (bankers) are happy." The bankers were happy because they were making money hand over fist, as they are doing now for as long as they can until the inflation rate goes too high, then they go to making money during the "correction" of the inflation rate. If you will become sensitive to this, you will see little articles here and there of banks failing and being taken over by the big banks. I see them all the time but you probably don't even glance at the articles. There were 3 more banks just a short time ago in the Odessa American. The big banks don't like the little banks taking business away from them so when the little banks proliferate to taking about 50% of the banking business, this is what happens. Bye, bye little banks until the next time you have the audacity to tread on the big banks' profit margins.
The published inflation rate is a lie. Check it out when you go to the store. My last visit to Sam's the other day, I found a LOT of things had gone up 50%. I use Gain laundry soap. It was $13 just a few months ago in Walmart. You could get a bigger box over at Sam's for $17. The box at Sam's the other day was about the size of the old Walmart $13 box but cost $23. Paper towels at Sam's was $13 a few months ago...the good ones. I bought the cheap brand the other day and it was $19 and change. ~ Faye