Fed Primes the Pump to Re-Elect Obama
Back on July 17, Sen. Chuck Schumer (D-NY) revealed the Democrats’ agenda for the economy: inflation. “Despite two false starts, we’re having a much rougher time than we ever imagined getting unemployment down,” Schumer told the Senate Banking Committee. “So get to work, Mr. Chairman.” Bernanke, said Schumer, should act before November.
“We will act in an apolitical, non-partisan manner to do what is necessary for the economy,” Bernanke quickly responded. “We have said we are willing to take further action.”
As the election grows close, the Fed is acting to inflate the dollar – just in time to try to save President Obama. According to the Fed, a third round of “quantitative easing” may be on its way so long as the economy doesn’t ratchet up. On July 31, the Fed Open Market Committee minutes included this statement:
Many members judged that additional monetary accommodation would likely be warranted fairly soon unless incoming information pointed to a substantial and sustainable strengthening in the pace of the economic recovery.