Quote of the Day, Week, Year, Decade

“This is a disastrous monetary policy; it’s kamikaze monetary policy” – Peter Schiff, CEO Of Euro Pacific Capital

Was I referring to Mr. Schiff with my headline? No. Peter Schiff put it much more succinct  which is always useful in this age of attention deficits. Actually my headline was referring to the following quote from credit rating agency Egan-Jones.

“[T]he FED’s QE3 will stoke the stock market and commodity prices, but in our opinion will hurt the US economy and, by extension, credit quality. Issuing additional currency and depressing interest rates via the purchasing of MBS does little to raise the real GDP of the US, but does (will*) reduce the value of the dollar (because of the increase in money supply), and in turn increase the cost of commodities (see the recent rise in the prices of energy, gold, and other commodities). The increased cost of commodities will pressure profitability of businesses, and increase the costs of consumers thereby reducing consumer purchasing power. Hence, in our opinion QE3 will be detrimental to credit quality for the US….” –Credit Rating Agency Egan-Jones

If this didn’t quite sink in just read the word in bold and you will see why I began this post with a quote from Peter Schiff

John Semmens Satire. Possible the best satirist on the web

The Conservative Citizen

by John Semmens

Attacks on US Embassies Seen as Boost for President’s Reelection

Morale in President Obama’s reelection campaign is said to be soaring since Muslim mobs have attacked US embassies in the Middle East.

“Anything that gets the dismal economic news off the front page has got to be a plus for the President,” said a campaign official who declined to be identified. “Add to this the premise that we all should be rallying around the President in a show of unity and it’s clearly a big boost for his reelection campaign.”

Obama wasted no time in an effort to exploit this perceived “lucky break” as he lambasted rival Mitt Romney’s “shoot first, aim later” response to the crisis. “Voters don’t want a President who hastily condemns actions before hearing both sides of the story,” the President asserted. “They want to be reassured that their government will take a…

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