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Obama Defends the QE2 Takedown of the American and Global Economy

November 9, 2010

In response to China and Russia complaining about the insanity that is QE2, Obama has defended the Federal Reserve. “U.S. President Barack Obama defended the Federal Reserve’s policy of printing dollars on Monday after China and Russia stepped up criticism ahead of this week’s Group of 20 meeting,” reports Reuters today. “I will say that the Fed’s mandate, my mandate, is to grow our economy. And that’s not just good for the United States, that’s good for the world as a whole,” Obama said during his extravagant trip to India.

“Have we now reached a point where the Federal Reserve is simply going to fire up the printing presses and shower massive wads of cash into the financial system. According to the financial talking heads in the corporate media, printing money out of thin air and creating astronomical debt piled upon previously astronomical debt will stimulate the economy and get things working again. “The sad truth is that the Federal Reserve is not trying to build an economic recovery on solid financial principles. Rather, what the Federal Reserve envisions is an “economic recovery” based on new debt creation,” writes Snyder

Ron Paul believes QE2 represents the beginning of the end of the Federal Reserve system. “I think the Fed will self-destruct,” Paul told CNBC (see video above). “People will desert the dollar. I think the Chinese are hinting that already. They are not wanting our dollars as much as raw materials. This is a deeply flawed monetary system. Here we have a small group of people who can create $600 billion with the stroke of a pen… I don’t know where people are coming from to think that this can work.

http://www.infowars.com/obama-defends-insane-qe2-takedown-of-global-economy/

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