This is the end. We are “days away from a complete meltdown of our financial system.” It’s both sad and funny at the same time. Sad because everyone laughed off the constant warnings by people like Ron Paul and Peter Schiff. Funny because all of the hubristic actions of the Fed and the Treasury are blowing up in their faces. They actually believed nothing bad would happen by destroying the currency and meddling in the housing market. Or maybe they knew what would happen and didn’t care. Either way, I can’t help but laugh about it. As always, the laws of economics win out and the Austrian School is vindicated.
Unfortunately, the government will twist this whole mess as a failure of laissez-faire (even though this country hasn’t experienced anything of the sort since the 1800s), and the sheep will believe it. Obama or McCain will inherit an economy that is possibly worse than the Great Depression, and regardless of who is president, it will be more of the same: deficit spending, inflation, higher taxes, more regulation, etc.
Get ready for a wild ride. It’s only just beginning.
Tags: Barack Obama, Federal Reserve, John McCain, Peter Schiff, Ron Paul
