US Dollar Plunges, Gold Soars To New Record, Sold With $200+ Mark Ups
Meanwhile the Federal Reserve’s own St Louis branch has indicated that it believes turning on the printing presses for another massive round of quantitative easing would not only be useless, but may very well do more damage to the economy over all.
As highlighted by Tyler Durden at the Zero Hedge blog, Daniel Thornton of the St Louis Fed made the comments in a report titled “Would QE2 Have a Significant Effect on Economic Growth, Employment, or Inflation?”
“Some analysts are already concerned about the potential inflation consequences of the Fed’s previous QE measures. To the extent that QE2 would exacerbate those concerns, it could raise inflation expectations.” Thornton writes.
Thornton also notes that some of his Fed colleagues are worried that an ineffective QE2 “could damage the Fed’s credibility and possibly erode the effectiveness of our future actions to ensure price stability.” as well as “raise concerns that the Fed is seeking to monetize the deficit [which] might make it more difficult to return to normal policy in the future.”
It is clear that some within the structure of the Fed are attempting to distance themselves from, or are even attempting to prevent the madness that they know is about to ensue under the policies of their superiors.
Link:
http://dprogram.net/2010/10/14/us-dollar-plunges-gold-soars-to-new-record-sold-with-200-mark-ups/?utm_source=twitterfeed&utm_medium=twitter
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