Bernanke: "Gentlemen, Fire up those Printing Presses"

As expected QE2 is good to go and ready to launch. The Fed will print 600 billion worth of worthless dollars to buy government bonds to drive down the value of the dollar because this will SAVE THE ECONOMY! Yay! Thank you so much, Mr. Bernanke. You are a genius! Brilliant! You single-handedly saved the…but wait…huh? Why is it named QE2? Because they already had QE1? But if QE1 worked, why do we need a QE2? QE1 certainly worked because this article says it did, well, Mr. Bernanke in this article is quoted as saying it did. Here is indisputable visual evidence:

“This approach eased financial conditions in the past and, so far, looks to be effective again,” Mr. Bernanke said in an opinion piece scheduled to be published in Thursday’s Washington Post.

There you have it. All the evidence you need. QE1 worked just perfectly which is why we need QE2 so that can work perfectly as well. Then next will be QE3 and QE4 and THOSE will work brilliantly as well.

This has all been tried before and failed (as I’ve pointed out previously). QE2 will work for a while, then, like gasoline tossed on a fire, the fuel will burn out and we will be worse off then before. Thus the need for QE3…and 4…etc. etc. If history is any guide, these interventions will be less and less effective for a shorter and shorter time. Don’t believe me? Read Fiat Money Inflation in France. Yep. Tried before. Failed. Actually failed disastrously.
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