Monday, February 21, 2005

You Joe Sixpack?

"By buying back the long bond on the local US markets on the sly, the FED has managed to drag out the day of reckoning for the dollar for as long as it could. The buy-back also enabled the FED to cushion the unavoidable devaluation of the dollar for its own shareholders, the US Mega Banks. The FED's covered policies have given its shareholder banks the advanced opportunity to bail out from their dollar long bond holdings and dollar stocks and move timely into foreign assets, currencies and treasuries, commodities or whatever... away from the dollar, passing the bag on to Joe Six-pack and foreigners. All behind the scenes, through derivative transactions where the banks can camouflage their actions and keep shifts in policy away from the public eye. Do not forget, that the FED is there to protect its shareholders, the banks, and not the nation nor the public!"

Full article