Diary

Oh, please not more shovel ready jobs again

The (D)s are saying that the President needs to propose something really big to get people back to work.  Excuse me, but isn’t 5 trillion a pretty big stimulus? Over the last 3 years the Fed has pumped about 2 trillion of paper money into the system, there was 700 B in TARP, there was 874B in ARRA, and the (D)’s also increased fed spending from 20% GDP to 25% GDP. What did we get? A Whole lot of Debt and a lot of inflation and 2 million jobs lost since the ARRA was signed. If you don’t believe the inflation number just look at these commodity prices since BHO inauguration:

Wool up 250%

Coffee up 105%

Copper up 300%

Gasoline up 110%

Jet Fuel up 105%

Beef up 68%

Corn up 78%

Remember what Milton Friedman said, “Inflation is always and everywhere a monetary phenomenon” One of the reasons Bernanke has cringed over a QEIII is that he is afraid that this thing could get away from them and it could go Weimar on us. We can’t continue to borrow 130B a month. We just can’t and that’s all there is to it.